What is Web 2.0

This link basically one mans opinions and conclusions on something he at first, thought was meaningless. Paul Graham who has a Phd in computing attempts to draw a conclusion to why it has had such a impact and put a definition upon this term
http://www.paulgraham.com/web20.html

this video explains some of the aspects involved in Web 2.0 and what it is made up of. it explains how people will be familiar with certain aspects of Web 2.0 without knowing that these factors contribute to the term Web 2.0
http://www.youtube.com/watch?v=0LzQIUANnHc

Here is an attempted definition that i found were someone has tried to use information like the info staed above and define this tricky term.

Web 2.0 is the network as platform, spanning all connected devices; Web 2.0 applications are those that make the most of the intrinsic advantages of that platform: delivering software as a continually-updated service that gets better the more people use it, consuming and remixing data from multiple sources, including individual users, while providing their own data and services in a form that allows remixing by others, creating network effects through an "architecture of participation," and going beyond the page metaphor of Web 1.0 to deliver rich user experiences.