In this talk from the O'Reilly Web 2.0 Expo, Tim O'Reilly gives his definition of the internet operating system and decribes how the major players in Web 2.0 can affect it for good or bad.  By his definition, Web 2.0 is about the internet becoming a platform and more data and services moving from personal computers onto the internet.

One example of the great new things we can do with the internet operating system is to speak into our phones and get visual turn-by-turn directions.  That ties together speech recognition, location awareness, and digital map and street view data.  But there's also a risk that public and private data will be consolidated and become unavailable or expensive.

From Apple's device dominance to Google's mountains of data to Facebook's social graph, each of the big players has strengths and weaknesses in the war for the internet platform.  But, rather than fight to own the whole thing, O'Reilly urges each to create more value than they capture and in doing so create more value for themselves and everyone else.