OK, so I finally bothered to read what Web 2.0 is and it's not so bad. From the "authority" on the subject, O'Reilly:

In our initial brainstorming, we formulated our sense of Web 2.0 by example:

Web 1.0 Web 2.0
DoubleClick --> Google AdSense
Ofoto --> Flickr
Akamai --> BitTorrent
mp3.com --> Napster
Britannica Online --> Wikipedia
personal websites --> blogging
evite --> upcoming.org and EVDB
domain name speculation --> search engine optimization
page views --> cost per click
screen scraping --> web services
publishing --> participation
content management systems --> wikis
directories (taxonomy) --> tagging ("folksonomy")
stickiness --> syndication
 

Web 2.0 Map - Click to go to O'Reilly's Large Version

I'm still not a fan of the term. I really think it should simply be called what it is - "lessons learned from the dot-com crash". The whole idea behind this is that the web in the '90's and 2000 was more hype than value, more about egos and potential than service and value. I can get behind that - I really can. I knew plenty of folks who were part of the boom and the crash. I came very close to experiencing that same euphoria and collapse myself. Luckily, my company was lost in "Web 2.0" in 1999, so we missed the roller-coaster.