I am sure that Web 2.0 is a jargon that is living its own place and fame for now. It is no more mere marketing gimmick that web entrepreneurs were selling to its investors and venture capitalists.
In the first place some small players came with their own creative applications for Web 2.0. I will call this Web 2.0A age or rather Web 2.0.1 beta. Such applications then got popularity among users and created a news in web world. That was public version of Web 2.0.1. Some big players of web ignored what was happening around then and some took serious note and started building Web 2.0 applications. Very few intelligently bought the potential competition and started working on integration activities. This was version Web 2.0.2.
With some biggies participating in this with user base increasing day by day everybody jumped on creating and integrating web applications. Seamless movement from one application to other with single login was the mantra with 'unified user experience' tag. This was version Web 2.0.3.
So far every activity happening was limited to coding or development part of the web game. Recently IBM lauched new blade servers that are specially designed for Web 2.0 kind of web applications where traffic is heavy and computing power requirement is high. This I call a version Web 2.0.4. And I suppose the world is now ready for upgraded version of web i.e. Web 3.0.