The reason I don't really buy the singularity hype is that I don't see it as being some all-amazing moment when all hopes and fears play out in a cataclysm of drama. Let's look at the prediction that computers will equal human intelligence by 2029 and surpass it by 2034 and thereafter the future becomes instantly unpredictable. That strikes me as malarkey. I don't argue that computers will eventually exceed the computational power of the human intellect. In many areas such as mathematics and possibly chess they already have. As time goes on computers will be capable of exceeding more and more of the intellectual feats of humanity. However computers will not reach some magic point after which nothing already known still applies. They will lead mankind in some areas while lagging in others for perhaps hundreds of years although the areas where they fall short will continue to be worked on.
A virtual mind capable of independently inventing and innovating would certainly be a phenomenal technology superior even to the promise of the
RepRap project. However I don't think life would instantly become unrecognizable. Basic pieces of economic theory would still apply. Newtonian physics would still be the main substrate in which "real" life is played out. Certainly many difficult problems that have dogged humanity for centuries as well as new ones we didn't even realize we had would be solved. However this will take place over the course of time just as it does now.
If holodeck technology is discovered that completely sucks in humanity as happened to
these two, I would consider that a form of "singularity". In that scenario civilization would only continue in the form of Amish or other deliberately primitive societies. I don't think that is what most are referring to when they reference the technological singularity though.
One of my key problems with those focused exclusively on the singularity is that they seemingly put such a mystical faith in its ability to right all wrongs, cure all ails or destroy the world that the concept seems counter to the more likely scenario that progress will continue to build upon the shoulders of our current giants and many great prizes will be won through dedication and hard work rather than all appearing as a consequence of a single sudden advance.
Don't misunderstand me though. I am a huge fan of eliminating drudgery in the world. I would like nothing better than to have the economy transformed so that no one needed to work and only those who wished could do so. I suspect that life will continue a halting and unpredictable ascendancy over the next several hundred years.
One thing I think is really cool that I haven't heard anyone specifically mention is how although basic sciences such as materials science do not advance at the pace of Moore's law, they do advance over time. In the 1990s while attention was focused on the tremendous progress being made in information technology, physical sciences were not standing still. Even though much of the "wealth" created by the dot com boom was subsequently destroyed, we retain the advances made in areas such as battery composition, transparent aluminum oxynitride and carbon nanotubes although society as a whole was not intently focused on these areas.
In summary: progress - yes, nearly without limit, singularity - not likely.