Though I don't totally agree with everything Kathy says in this post, she has such a great way of getting her point across without jargon or geek speak that I thougth for a moment this post wad laden with irony. Instead, we get a good insight in to why some people hate Web 2.0 as a phrase (I know some sofites who refuse to use it) and the opposite school of thought (where I currently sit) that uses it to encapsulate a whole lot of stuff that would take a long time to namecheck each time you didn't want to use Web 2.0
I personally like the phrase though can see why some people may think it's elitist when it's used as a throwaway term to confuse people who know little about the concept/ideas/technologies. You know it's entering the general lexicon though when The Guardian dedicates almost all of their weekend magazine to it.
If you want to get a great explanation of it, look no further than one of the founders of the phrase - Tim O'Reilly as like it or not, it seems to be here to stay. Until Web 3.0 that is :)
Source: Creating Passionate Users: Why Web 2.0 is more than a buzzword