Whenever I meet with VCs I've noticed that there is a growing distaste for Web 2.0 startups. The "Web 2.0" term, in connection with a startup, and as a collection of concepts, is very tired in this community.
I think this is good news. Although I've used "Web 2.0" as a shorthand for a group of sites/services/technologies, what is much more important are the driving forces behind them. And those, quite simply, are openness, sharing and the Net-based, distributed methodology pioneered by open source. The more we concentrate on those core currents underneath, and the less on the trendy froth on top, the better.