Very possibly. Kids (and adults) often are on it too much playing video games etc. And it's unstable as far as what's truth and what's fiction. There is such a thing as too much information, even if it's truthful information. For instance, kids are often exposed to things they shouldn't be exposed to on the internet, pictures, issues, words, etc.
There is good and bad on the internet. Usage of it should be monitored more strictly when it comes to kids. And some adults too.
Perhaps even more so than the original. For some it is an invaluable learning tool, for others it takes away their incentive to learn or retain...they just expose themselves to things, confident they can recall it via Google if they need to. Just skim content for a needed fact or quote. People can get a false sense of their own intelligence, mistaking aptitude with search engines for IQ points. TV may have been, (and for many still is), mesmerizing...but it didn't try to replace functions of your brain and memory. Let's hope the power never goes out.