Perils and Possibilities of Web 2

The document discusses both the perils and possibilities of Web 2.0. Some key perils mentioned are getting distracted by buzzwords, believing your own hype about traffic, and living or dying by the crowd. However, the document also outlines possibilities such as focusing on solving problems for people, harnessing people's passion for sharing, and measuring success in meaningful ways like interactions rather than just page views. The overall message is to remember it's about people, look beyond your own site to find users, and work with the existing web to provide valuable services and cultivate community.