Well, I think that instead of devaluating a life in cyberspace, they were merely making a distinction between "Real Life" and "Virtual Life". To people who interact more on the Internet than the average net user, making that distinction is just a point of reference.
It has also been used on the net in a fantasy environment (MUDs, MUCKs, and MOOs) to differentiate between something that is said "in character" or "out of character".