But Dietzen stressed the importance of the mashup. A mashup involves quickly combining services to form new applications.

"[What] makes Web 2.0 come alive is the concept of the mashup," with the Web being used in an authoring model instead of just a consuming model, Dietzen said.

But panelist Michael Glaser, a partner at the law firm of Perkins Coie, advised that when creating a mashup, companies should be aware of possible licensing issues.

Whereas Web 1.0 was about technologies such as HTML, HTTP, and SSL, Web 2.0 is more about technologies such as AJAX (Asynchronous JavaScript and XML), XML, and SOA as well as applications such as Flash, Dietzen said.

With Web 2.0, CIOs and CTOs are wondering how they can improve their own internal-facing applications, said Todd Burke, an enterprise sales official at Adobe Systems. Dietzen stressed that boosting productivity and cutting down the time users must spend on e-mail will be part of Web 2.0.