You missed the book suggestion - it is a worthwhile read - at least much of the first half of it is. One of the things he asserts is that the exponential growth we are seeing now is not "present development"; it is, instead, a trend which has been going on for a good two billion years. Contemporary electronics is just the current substrate upon which the growth of complexity is being carried out.
The notion of the singularity, incidentally, is not necessarily as utopian as you suggest here.
I'm not saying that arguments like Kurzweil's are necessarily correct - no doubt there's plenty of ways to poke holes in them. But it's best to understand them first.
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