I actually agree with Pang and Pescovitz that the term fails to describe what the internet has actually become. Today it appears that, far from the alternate, virtual world the term "cyberspace" was meant to denote, it's actually becoming more and more like another layer -- ubiquitous, a supplement to regular life. I like McFedries suggestion. However, the transcendant nature that you point out, the fact that the internet is unlike other forms of communication in that it seems to have its own emergent intelligence, is something that none of the suggestions nor the original term seem to quite grasp. I don't have a better suggestion, myself.