Last week, I was a moderator at a conference called TiECON SOUTHWEST 2006.

The topic was certainly interesting -- "The New Internet: YouTube, MySpace and Beyond."

As is always key for a moderator, I was lucky to have a great panel. There was the money guy, that is, a venture capitalist from Softbank, Tarang Shah. The others included company founders, such as Gordon Gould from ThisNext, Eden Jarrin of Be Jane, Michael Sawtell of The Family Post and Erik Hawkins of PureVideo.

For the most part, it was a free-form discussion (there were also smart questions from the audience).

Here are some of my takeaways:

* The definition of Web 2.0 is quite fluid. In fact, the definition really depends on who you talk to. As for our panel, each had their own particular view. Although, there were some common themes, such as community and a rich multimedia experience.
* Quality is critical. Even though new technologies allow for scalable web sites, successful Web 2.0 companies have solid infrastructures -- and make sure the customer gets feedback. For example, in the case of the Family Post, the company calls all of its customers.
* Traditional media is not dead. In fact, it is vital to the success of Web 2.0 companies. That's what Be Jane has found. The company has been successful forming alliances with traditional media operations, such as newspapers, radio and TV.
* Web 2.0 can help with information overload. True, Google, Inc. (NASDAQ:GOOG) is trying to organize everything for us, but, there are still big problems that can become opportunities for ThisNext. That is, the company has built a system to help people discover products among the millions that are on the market.
* Copyrights matter. As I have written about in BloggingStocks.com, YouTube is experiencing difficulties on this front. But, as for PureVideo, the company is very mindful of other people's content. True, it may mean relatively slower growth, but then again, it makes it easier to partner with content players.
* Finally, the companies on the panel are not focused on the typical young demographic. In fact, there is a huge opportunity to leverage Web 2.0 into other segments. Hey, aren't the baby boomers a big group with big advertising potential? Of course. And, as more and more people spend time on the Web, advertisers will certainly want to target new demographics.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.