Why is the author so angry that people in college experiment with radical ideology? Is that a new thing? Why are PDF e-books bad? Why is the economic collapse in quotes and "so-called"?

The only actual philosophy the author ascribes to the dipsters seems to be that they care more about "appearing" than "being", but that's not a new criticism for a new time. It's basically the main theme in The Society of the Spectacle, and that was written in 67.

What am I supposed to do with the information in this article?

Gnash your teeth mainly. I suppose you could also "[run] around at parties trying to change the world, blindly threatening violence against the “status quo” with protests and false threats of violence." Or blog about it.

Wow! Is it just that I was completely lost, or is the author as much involved in his own 'public masterbation' as he accuses the 'digital hipsters to be'?

No, I agree with you. I think the article is a perfect example of what it's trying to criticize.

Re the article: People have always been running their mouths; technology makes that easier, but doesn't fundamentally change it, I think.

The article started rather well, but then fizzled out. I wish I could write that well though (in form, not the content) :)