There is not much to add to Jeffrey Zeldman's Understanding Web Design, just read it.
"Each year, advertising and design magazines and professional organizations hold contests for 'new media design' judged by the winners of last year's competitions. The winning sites look fabulous as screen shots in glossy design annuals. When the winners become judges, they reward work like their own. Thus sites that behave like TV and look good between covers continue to be created, and a generation of clients and art directors thinks that stuff is the cream of web design."

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