As I see it, First word / Last Word and the Gartner Hype Cycle are essentially the same idea. First word art is comparable to the technology displayed in the initial peak of the GHC; people do not know how to respond to a completely new style of technology, and the only thing they can really do is simply get excited about it. In between the First Word and the Last Word is a series of work that attempts to emulate the original but fails in a way. It is here the general audience begins to understand the good and bad about the work in question. Finally, the plateau of productivity is where Last Word comes in; the artist or engineer perfects his or her craft and transforms it into a masterpiece.
In the Gartner Hype Cycle, I find my primary interests in Brain-Computer Interfaces (before first peak), Smart Robots (also before peak), Consumer 3D printing (after peak), Augmented Reality (before trough), and Virtual Reality (beginning to plateau).
I believe Schulze prefers to work in the Trough of Disillusionment because that is where things can be picked up and gradually formed into sustainable products and practices. The previous peak is highly risky and everything can fall short very rapidly, as denoted by the steep decline in expectations immediately following the peak. The trough of disillusionment is also likely to be an area of little competition for Schulze.