Pretty much the current generation of the internet and this will probably last til about 2012. It is the internet where blogging, social networking, forums, wikis, video sharing, webcams, sharing, getting pwned, etc. takes place.
Web 1.0 was the primitive internet where you went to campbells soup.com and there it is. Web 2.0 is pretty much where you can read and post blogs about soup and share info about your favorite soup on your Facebook profile. There is a Web 3.0 coming into the future which will probably be the iPhone Web, in which the internet might be in different places than a computer.
Kraft.com is Web 1.0
MySpace.com is Web 2.0
You know what I am saying. These are these pictures that are most commonly found on Facebook with two girls hugging each and making goofy faces, like they are Best Friends Forever. They are about on average 15-16 years old. Pretty much the only acceptable photo on Facebook and it is starting into the MySpace world as well.
Every 16 year old girl has to have a BFF pix on their profile.