Can anyone tell me what exactly is the future of web 2.0 and how is it effective the way we view the internet.

twitter, facebook, myspace, frienster or similar is about web 2.0
can you imaging? it's all about network sociality

this might not a good defination, but be close to.

There are many perspective on Web 2.0
Here are a few:

*It's a design that has a clean and graphical design to it. google web 2.0 design to learn more.

*It's where the content of a website is produced by the visitors. Examples: wikipedia, youtube, facebook, twitter, dig, etc...

*Services are no longer bought, they are "rented". Used on the owner's server and unable to be downloaded on your hard drive legally.

This is a very brief look on Web 2.0
I suggest googling for a much more detailed description rather me repeating exactly what the articles say.
Hopefully the perspectives gave you an idea though.

All you need to know - http://en.wikipedia.org/wiki/Web_2.0

The "official" definition...

"Web 2.0" refers to a second generation of web development and design, that facilitates communication, secure information sharing, interoperability, and collaboration on the World Wide Web. Web 2.0 concepts have led to the development and evolution of web-based communities, hosted services, and applications such as social-networking sites, video-sharing sites, wikis, blogs, mashup and folksonomies.

See? ....absolutely nothing to do with glossy logos, gradients and big fonts

Good point by blue dreamer on how web 2.0 is not about gloss and fonts, but user generated content. What will web 3.0 bring? It seems there will need to be a way to aggregate and make something useful out of all this content in the social networks. I am sure Google is already working on this.

Originally Posted by textbox

What will web 3.0 bring?

Aliens will supply the content, humans will be reading it en masse; no other option will be presented to them.

Resistance is futile. Veni Vidi Vici, the aliens did.

Web 2.0 is somewhat like a statement and bit like a reference.

All about what the web should look like and what it can do. Our 'friends' from Microsoft introduced some standards as the multimedia 99 , 2000 and so on computer standards of what a computer should be capable of.

Ofcourse, these are just statements. It doesn't really say what you have to do or what things should be like. These are NO STANDARDS! People often mis-interpolate this. (Microsoft dropped their mediastandard as the computer industries developed itself must faster then they probebly wanted, rendering their standards ABSOLUTELY worthless)