Preeminent military historian Fred Kagan has a long and excellent piece that details some of his concerns with Donald Rumsfeld's vision for the US armed forces. Until I read this, I was a supporter of Rumsfeld's policies (not that I'm an expert on such matters, although I play one on TV), but now I'm not so sure. I imagine the victory in Iraq will teach our defense officials some of the lessons Mr. Kagan points to, and I'm glad there are so many smart people thinking about the subject.
In this world, anything is possible. The U.S. might win a future war relying solely on air power, for the first time in history, with no American or local ground forces involved and no meaningful threat of their deployment. That possibility cannot be excluded. The Rumsfeld vision of military transformation, however, does not pursue that as a possibility; it relies on it as a certainty. By focusing all of America's defense resources on the single medium of air power, Mr. Rumsfeld is betting America's future security on the conviction that the U.S. armed forces will be able to do every time what no military to date has ever been able to do. In doing so, he is greatly simplifying the task of those preparing to fight the U.S. by presenting them with only one threat to defeat.
TM Lutas discusses net-centric warfare, and has a good reason for why he thinks the US can maintain a permanent advantage over the countries we're likely to fight against.