For folks who’ve seen the term Web 2.0 but haven’t yet found a simple and succinct explanation of what it all might mean, Search Engine Journal editor Loren Baker has composed the bestest ‘lil paragraph I’ve seen on the subject.

“What is web 2.0? Web 2.0 is a work in progress which is a transtition of the architecture of the web and its applications. Such variables of the transition are blogs, wikis, AJAX, Google AdSense. 2.0 is taking search beyond the initial ten blue links such as more data, meta data and tagging, blogging is a revolution in micropublishing, advertising driven services, search verticals emerging and expanding quickly (local maps for example). Mashups are an important part of Web 2.0, expanding or improving upon existing products.”

The paragraph comes from an interview Loren conducted with Daniel Read from Ask Jeeves at the CNET Japan Search Conference, “Ask Jeeves Search & Web 2.0 – CNET Japan Search Conference” published in today’s Search Engine Journal.