"The levels of terabytes now moved through the channels of the Web are now extraordinary. Companies like Tibco GI is doing great work at Bear Stearns," said Fiesel.

The most common thing that people agree upon is when speaking about Web 2.0 is that they do not like the expression Web 2.0, he noted.

"When looking out across the interactive marketplace, we're now seeing a variety of models that people use to describe what Web 2.0 really is."

He explored the underlying backbone of Web 2.0: the use of push-technology integrated with query-less search that can result in truly cinematic interactive experiences.

People in different locations can share complex data, forms, diagrams and any digital asset within one shared experience.

The heart of the session were the many live demos that Fiesel shared with delegates, including a "scrubbed-down" (for security reasons) version of the portal that Roundarch built for the US Air Force.