Interesting comments from Oskar Syahbana why Google is not a Web 2.0 company:

"Let's focus back to Google. Do they have any service that was built co-developed by the users?

No they don't. Their latest addition of Google Base is a safe heaven for adult materials (and probably a rip-off craiglist or zvent. Their blogging service (which they bought on 2003, if I'm not mistaken) is somehow does not contribute back to their array of services. Yes they do provide a tools to publish whatever you wanted to publish, but so does any other non web 2.0 company (remember Geocities?).

Tell me, how much is the interactivity between Google users and the company? Yes you can send them emails and tell them what to do next (which there will be a slim chance they will respond), but so does other non web 2.0 company. Yes you can publish your thoughts or your rambling (just like this), but that doesn't add values to the web service.

Yes you can use Adsense with the "contextual ads" technology to display relevant ads on your site, but how much relevant are they now? Wouldn't it better if you can choose what to advertise on your site instead of what not to? Isn't human is the center of web 2.0, not some meta-web technology?"

I guess its pointless to discuss what exactly is Web 2.0. More importantly I feel Google has been overhyped recently. Don't forget Google will soon be (or is already) the worlds biggest advertising company. Yet the perception if many is that is still the two guys "We are not evil' venture.