I wholeheartedly agree!
I wholeheartedly agree, but would like to add a few more points! Web application development is a specialized type of application development that targets one medium: Web. But, the Web is far more flexible than the desktop, as it gives much of the choice and control that traditional developers enjoy over to the users.
1) In general, public Web applications will not restrict who may view or use them. Even some private Web applications may need to support many browsers. Therefore, developers may need to understand their target market / intended audience, and only implement interfaces (e.g. layout, features) that suit them.
2) Differences in the performance of Internet connections and clients force application developers to balance competing concerns such as scalability, usability and security.
3) Because the Web is asynchronous, application developers need to worry more about thread safety, especially with Web services and singleton classes.
And I think that the marketplace is definitely noticing the difference. I would go so far as to say that Web application developers who can't or don't develop "traditionally" are really just Web designers and will find it increasingly difficult to get application development jobs.