The Web 2.0 "buzz" starts with new technologies such as virtual worlds, cell phones and handheld devices that offer 24/7 web access, tagging, social networks, and blogs and brings together various web capabilities in unique combinations. Web 2.0, however, is about much more than the technology--it is about a change in focus to participation, user control, sharing, openness, and networking. These technologies are a "parallel information universe" next to everyone's own universe. This parallel universe provides constant feedback, resources, monitoring, information, connections, education, and interaction. Libraries--as institutions founded on meeting people's information needs--need to take the lead in this parallel information universe. Regardless of type--public, academic, school, or special--libraries increasingly provide more people with improved access to a wider range of resources and services. The purpose of this article is to take a look at what is available, and to conduct a brief analysis of the strengths, weaknesses, opportunities, and threats in terms of what is good, interesting, or desirable for users, libraries, and librarians. The implications for library and information science education of Web 2.0 are also discussed.