web 2.0 essentially means social networking and / or user generated content. think twitter / myspace / youtube / etc and you won't be far off the mark.
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Web 2.0 is a term coined for a more interactive web user experience, a step in evolution from relatively static html pages with no cross-site user/information sharing - it's not a strict standard and can be interpreted in different ways.

Web 2.0 implementation is synonymous with use of Ajax on websites (yes the j stands for javascript).

This is where a web page does not need to be fully reloaded to update content, the 'document' is rebuilt 'on the fly' to give a richer more interactive experience more associated with a desktop application.
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Web 2.0 is a perceived transition of the web to web applications. Web 2.0 is the next generation of technology solutions where interactive content is the norm. There is no agreement on exactly what Web 2.0 means, depending on who you are speaking with, you may receive different explanations. At it's heart, Web 2.0 is about the maturity of the Web and businesses that are thriving online. While many refer to Web 2.0 as companies that employ powerful web technologies, the key components of the new web are said to include: the web as a platform, collaboration, and syndication.
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