What Is Web 2.0?

The bursting of the dot-com bubble in the fall of 2001 marked a turning point for the web. Many people concluded that the web was overhyped, when in fact bubbles and consequent shakeouts appear to be a common feature of all technological revolutions. Shakeouts typically mark the point at which an ascendant technology is ready to take its place at center stage. The pretenders are given the bum’s rush, the real success stories show their strength, and there begins to be an understanding of what separates one from the other.

http://www.oreillynet.com/pub/a/oreilly/tim/news/2005/09/30/what-is-web-20.html
Source: oreillynet

Also, check out wikipedia’s take on it.

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