Web 2.0 Defined

Last January I posted some thoughts on how to sum up the definition of Web 2.0 in a neat package and came up with:

Definition of Web 2.0
Web 1.0 = "Presentation Exchange"
Web 2.0 = "Information Interchange"

Recently i was asked to help prepare some presentations for a Web 2.0 Modular Software Conference in Las Vegas and I needed to sum up where we are with Web 2.0, what's next and to put it all in context for this crowd. Here's the new definition in a much more digestible form...

“Web 2.0 is the evolution from the Web of presentation to the Web of participation.”

This resonated well with the audience and I'd like to know what you think.