Web 2.0 could be a meaningless marketing buzzword. Or it may represent a whole new paradigm for the Internet, one centered on user-generated content that could hasten the death of the newspaper industry.

There are lots of opinions about Web 2.0, and some of them – mostly of the pro-Web 2.0 variety – were on display Tuesday in a panel discussion during the annual meeting of the Mass Technology Leadership Council.

“Meet the new influencers,” said Paul Gillin, a writer and commentator on the tech industry and a former executive editor of Network World sister publication Computerworld.

Gillin relayed the well-known story of Vincent Ferrari, a 30-year-old blogger who recorded a phone call with a rude AOL customer service representative who repeatedly refused to grant Ferrari’s request – actually, at least 21 requests in five minutes - to cancel his service. Listen here.

Ferrari’s blog crashed when 300,000 people tried to download the audio file last year, according to Gillin. He ended up in the New York Times and on the Today Show, where the clip was played for tens of millions of people, Gillin says. AOL fired the employee and sent Ferrari a written apology, but not before its reputation took a hit.

“Individuals and small groups of people have the ability to move markets that didn’t exist a few years ago,” Gillin said. “Fark.com is doing 40 million page views a day, which is more than the Chicago Tribune. It has the full-time equivalent of two employees. … Craig Newmark of Craigslist.com is quietly killing the newspaper industry.”

Gillin predicted a rapid decline in the newspaper industry over the next two decades, saying the industry’s market model is unsustainable because it costs so much to deliver information. Markets will be smaller and more focused on particular audience segments because of Web 2.0, he predicted.

But what is Web 2.0?

“It’s never really been adequately defined,” said panel moderator John Landry, chairman and CTO at Adesso Systems in Boston. “It is, in many ways, a meaningless marketing buzzword.”

The significance of the term “Web 2.0” has been dismissed by Tim Berners-Lee, inventor of the World Wide Web and director of the World Wide Web Consortium.

In an IBM podcast interview last July, Berners-Lee was asked about the common explanation that Web 1.0 is about connecting computers and making information available, while Web 2.0 is about connecting people and facilitating new kinds of collaboration.