Web 2.0 Thoughts

I'm not sure what to make of this Web 2.0 phenomenon yet. Is it merely hype as some have come to label it? Or are there profound implications for the Internet? In either case, I find the Web 2.0 virtual landscape quite an intriguing topic of discussion in library circles nowadays. The idea of having a virtual identity in Second Life, tagging items with your self-selected keywords in a library catalog, trapping news items and information through RSS feeds, adding entries into the universal Wikipedia, and sharing opinions and resources collectively through a social bookmarking resource like Delicious are astounding. Using the Internet as a platform for fostering online communities, contributing and changing content, and harnessing collective intelligence via the "wisdom of the crowds" is quite exciting. However, I wonder if these "innovative" technologies are just passing fads . . .