That’s what Charlie Stross called the Singularity in this interview, and damned if I can’t see his point. Privately, I’ve always thought that a lot of believers in the concept are effectively treating it as Magic For People Who Thought That ‘Psionics’ Was Too Much A Science-Fiction Cop-Out For Magic: but then, I’m a gamer geek. Read the whole thing; it’s pretty interesting.
See also here, here, and here for the Singularity Backlash. Which would be one heck of a band name.