Here is a detailed report on the Web 2.0 event. I would really like to know how many people understand Web 2.0 as would help understand where we are in the Hype Cycle. The consumer Web 2.0 space seems over-crowded.
Or is the fundamental folly is to think in terms of looking for the next big Web 2.0 start-up. Perhaps the focus (at least for me) needs to shift back to identifying and solving real problems rather than analyzing Web 2.0 trends. You don't create the next EBay by focusing on 'what the Web means'.
The key is to analyze old (and new) problems faced by business and consumers- and see if their can be a better solution today in the context of today's technology.