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Web 2.0 - What is it anyway?

Upfront I must admit to being a code geek. Over the last 6-8 months I have been immersed in learning technologies that make the Web 2.0 experience possible. First, I must say this is some mighty cool stuff! I often find myself giddy with laughter when I figure out how to make a boring web page do my bidding. And yes, my wife often questions my sanity.
I recently had the opportunity to spec out a project requiring my new found knowledge. As the project owner and I went over the details I couldn't help feeling confused. After spending too much time sorting things out a reality hit - each of us had our own vision of what Web 2.0 consists of.

So I pose this simple question: What does Web 2.0 mean to you?