Web 2.0 basically references to internet user interactivity. It is the only information medium that uses instantaneous updates, comments, multimedia such as videos, photo galleries, RSS feeds, personalized webpages, quick links and social networking. These features are distinct to the web, and essentially Web 2.0 makes the web - the web.
I believe Web 2.0 is currently limited to multi-media, blogs, news alerts and feeds and the above features, until a more innovative feature, easier and catchier feature comes along and changes everything.
Before social networking, people received their news from a few authoritative news outlets, however social interactivity sites have allowed people to dictate what news is important to them, by tagging, blogging, commenting and rating information.
Good job!
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