Daniel Miessler thinks we're underestimating the Internet of Things.

IoT isn’t about smart gadgets or connecting more things to the Internet. It’s about continuous two-way interaction between everything in the world. It’s about changing how humans and other objects interact with the world around them.
It will turn people and objects from static to dynamic, and make them machine-readable and fully interactive entities. Algorithms will continuously optimize the interactions between everyone and everything in the world, and make it so that the environment around humans constantly adjusts based on presence, preference, and desire.
The Internet of Things is not an Internet use case. Quite the opposite, the IoT represents the ultimate platform for human interaction with the physical world, and it will turn the Internet into a mere medium.

Great succinct read on the key technical components that will make up his vision for IoT.

The Internet of Things is a terrible name, which doesn't help matters. Miessler suggests four alternatives though they don't catch me on first read. Something less tech jargony, not terrifying (the phonetics of daemon aren't great though it's a cool word), shorter (a la the singularity). it sounds silly but a name is all that gives a futuristic scenario like this a personality right now.