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Although many people deride it for being a marketing term (and it can certainly devolve into that - just a buzzword with no inherent meaning), it primarily represents a specific style of web design and development. That style puts especially large emphasis on:collaboration and communication between users;design that favors usability over "whiz-bang" graphics;extensive customizationSome of the features that are common to Web 2.0 sites are tagging, wikis, AJAX, social networking, etc.
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