As usual, I googled and came across this definition of Web 2.0 from Tim O'Reilly, which kinda of addresses the web 2.0
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.
In the end, applications that make use of the collective intelligence of its users/audience and able to enrich the experience of the users are truly successful. The Web 2.0 framework comprises of such technologies ( Ajax, Folksonomy, Wikis, Blogs, Mashup , Syndication etc) that allow companies to create such applications.
In the end, Web 2.0 needs to be used for creating Real enterprise value. Patty Seybold tells here, how to use the Web 2.0 principles and harness the same into a business strategy.