Michael Wesch (asst. prof. of cultural anthropology, KSU) explains what Web 2.0 means in a video of about four and a half minutes. Definitely worth your while.
The first three minutes should be of no surprise to the web.adepts: the web is teaching the machine about the meaning of our countent. But the last bit awakens a few worthy questions (Mesch is after all a professor 
). We should rethink. Authorship. Copyright. Identity. Ethics. Privacy. And a whole slew of other things. Thinking is good. Rethinking is necessary.
(Re-iterating the explains bit from above, a discussion on the video is presented on the Digital ethnography group’s blog. Writing presents what Web 2.0 means above would probably have been semantically more correct. Or maybe not )
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