There’s a lot of talk about the definition Web.2.0., the favourite buzz word of Venture Capitalists at the moment.

Here’s one angle. If Web 1.0 was led and epitomised by Yahoo! then Web 2.0 is led by Google.

As a quick reminder, Yahoo! burst onto the stockmarket in 1996 with an immediate valuation of $1 billion. Its sales back then were a mere $1.4 million in ten months and it was still making a loss. It followed an equally spectacular stockmarket debut by Netscape (who they?) the previous year.

Google floated in August last year when it already had revenues of $1.35 billion a year. The float valued the company at $23 billion (Economist article). According to yesterday’s results, it’s now earning $1.57 billion a quarter.

Even the CEO, Eric Schmidt, seems to be surprised by the numbers. He told the New York Times the secret: “It is really about getting the right ad to the right person at the right time and having them click on it.”

The blog (excuse my language) “fucked Google” - strapline, “praying for Google to Crash” - may have to wait a while to see the fullfilment of the its prayer. In fact, as of now, it seems that the blog itself has vanished. Perhaps it just decided to give up in disgust. Or have lawyers got involved?

Web. 1.0 was the dream. Web 2.0 is the reality.