Aggregation (not Content) is king.

Chris:

The common misconception these days is that services like YouTube are Web 2.0. This is only partially correct. Uploading your work to a site, rating it, sharing it - these are not new concepts. Sites/Services like DeviantArt have been doing it since Web 1.0.

People are talking about the word 'Community' like it represents the spirit of Web 2.0. Community was one of the buzzwords of the Web 1.0 bubble. It is not new.

The new part is that YouTube lets you embed your video on other sites and access their content via RSS. These are both forms of syndication.

So if syndication is the main new feature (and not community or user-generated content) then the main new tool must be aggregation.

But aggregation is a means to an end. When a user is able to access content on their own terms another much more fundamental trend reveals itself. Personalization.

Every feature typically associated with Web 2.0 (blogs, syndication, rating, digging, ajax) is actually about allowing greater Personalization by putting the user at the centre of their experience.