The Semantic Web

I watched three very smart, hard-working high-tech colleagues have a discussion this week about what "Web 3" really means.
- One said it means "finding middle ground" (i.e. we had top-down content from the same old media empires and corporate boomboxes with Web 1.0, bottoms-up, user-generated everything with Web 2.0, so something in between had to be Web 3.0. )
- The other one said that it was all a myth, just like the Web 2.0 is just a bubble, (in the good scenario) and all bull (in the worst case.)
- The third one had absoltely no idea what the other two were talking about, and stayed silent.

All three could be right. Just like all three could be wrong.

I was always assumed that it was a synonym of The Semantic Web. Here's a short intro by Digital Bazaar to get the conversation going.