The document discusses the key concepts of Web 2.0. It began as a conference in 2004 to discuss an improved form of the World Wide Web that emphasizes tools and platforms allowing users to tag, blog, comment on and modify content. Examples provided include services like My Yahoo, Google, and Flickr that allow high levels of customization and focus on the long tail of the market. The document outlines several principles of Web 2.0 applications including allowing user added value, utilizing specialized databases, adopting a model of perpetual beta to encourage constant improvement, and designing applications that can work across devices rather than single devices.