Good for Business
Web 2.0 provides a fast and simple way of drafting and sharing documents such as spreadsheets. Google spreadsheets and docs is a great example of this. It allows collaborators to build their own spreadsheets and to be involved in the project can make relevant changes to the document without having to send and receive them via email. |This can be achieved simultaneously over the internet. In effect, this reduces a large amount of time, and avoids confusion like when working on different versions of the same document.
Good for entertainment
The expansion of social networks, RSS, blogs, video-sharing, and podcast websites has made it possible for many users to share their passions and experiences over the internet. Any user generated content can be shared with a large amount of the global population, even if you are an armature at publishing videos, websites like myspace and youtube, can allow people to get some recognition through this medium.
Good for socializing
Another major benefit of Web 2.0 is that it allows people to keep in contact with friends families and business associates for free over net. So, this permits meeting and socializing with new people from all over the world. Many users can watch videos movies, TV listen to music/radio stations, share photos with friends and families. Nowadays, there are very few websites that only offer static content and a one way communication system, my guess is that static websites will soon become a thing of the past!