What is Web 2.0?

A client just asked for help understanding Web 2.0 on the Q & A forum at www.cclarity.com/questions.html.
Since space is limited there, here's the concept:

Web 2.0 is a new wave beyond static web pages delivering info on your screen. The 2.0 implies a new generation, just as software that moves from version 1 to 2.

What's different is that information can be readily shared, accessed from anywhere, and massive storage space is free. It includes simple, and even free, tools and applications, like Picasa for photo management. The broader concept is: "web-based software services" that encourage users to become more involved with information.

Web 2.0 start-ups received $844 million in venture capital during 2006, double the prior year, according to VentureOne.

Web 2.0 is moving into "mashups," merging ideas such as adding Google Maps to Craig's List. If someone searches for an apartment on Nob Hill, they can click the map to view the actual neighborhood and street.

Web 2.0 uses new technology that goes far beyond HTML, like AJAX, RSS and XML.

It remains to be seen if this is a new way for the me-me-me generation to waste time, or whether companies can make it work for communication and interactive meetings, giving people a base station to launch their life online.

TIP: When you see a word you're unfamiliar with, look it up at dictionary.com.
When you're mystified by acronyms, use acronymfinder.com.