This fall, though, the CEO inexplicably left after nine months. Founder Craig Winn, who impressed audiences with his road show and who still owns a third of the company, scaled back his involvement. Shortly after he stepped down as chairman, this magazine’s simple follow-up question — How many employees do you now have? — was met with a noncommittal answer: "The number is changing all the time."

When the magazine was at the printer, confound it, the online retailer announced it would take a $5.6 million restructuring charge in the fourth quarter, cut its work force in half and revamp sales strategies. Revenue estimates for the fourth quarter also fell short of expectations. The holidays were show time for online retailers. Many — including Value America — had technical glitches and order backlogs.

What’s next for the company? The plan is to regroup. Five of the retailer’s 30 categories account for 95 percent of revenue, says company spokesman David Kuo. That’s where the company will turn its attention. "Our focus is primarily going to be in business-to-business and business-to-government" sales, Kuo says, such as computers, office equipment and supplies. Value America may look for partners in the near future; the company has appointed a committee to "explore strategic opportunities."

Still, 1999 introduced millions to the world of online shopping. Companies like Amazon led the way, but estimates of Web sales exceeded expectations. Revenues could reach $6 billion.

As Value America works through the next few months, it’s wait and see. "I think people are taking a show-me attitude," Kuo says. "They have a sense that there’s opportunity, that we have a strong business model, and they’re affording us the opportunity for us to show our stuff."

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Virginia saw the world’s biggest-ever acquisition in the deal between Exxon and Mobil. That $86 billion union was consummated in November 1999. Now it could be eclipsed as Dulles-based America Online (NYSE, AOL: $72.63) acquires media giant Time Warner Inc. (NYSE, TWX: $92.25) in New York. Steve Case will remain in charge at the new AOL Time Warner and will keep his home and office in Northern Virginia, but the official headquarters and the company’s board will be in some larger city to our north (whose trash, incidentally, we’re happy to store).

The deal initially was valued at more than $160 billion, but analysts and investors are rethinking the stock, and at press time the deal’s value had dropped. The thinking is that AOL’s meteoric growth rates will slow as it absorbs Time Warner or, as some suspect, Time Warner absorbs AOL. The Internet giant enjoys a reputation as an energy-filled, fast-paced shop. Now it will be sharing cubicle space with a traditional, slow-growing media behemoth.

AOL has shown that it believes content is king. The deal puts Time Warner, the country’s biggest magazine publisher — Time, Sports Illustrated, Fortune — on a fast track to deliver quality content. It has movies, publishing, cable TV and entertainers like Cher, Madonna and Adam Sandler. HBO, CNN and Looney Toons will be backed by the power of the Internet.

The change of address is disappointing for the commonwealth. Prince William County, where AOL is expanding (see story), and others aren’t worried about lost jobs or scaled-back operations. But Internet companies are pack animals; they want to be with their own. There’s still unmatched technological strength in Northern Virginia, although losing the AOL headquarters and its top executives is a psychological blow. It was the same when UUNet became part of MCI, then the long-distance company melded into MCI WorldCom. The fact that Case is chairman of the new entity eases the pain.

For investors, though, the question is: Who will take the next turn on the dance floor?