Since it was coined by Tim O'Reilly in formulating the first Web 2.0 Conference in 2004, the term "Web 2.0" has definitely caught on as a designation of a second generation of Web design and experience that emphasizes a high degree of interaction with, and among, users. Rather than simply consulting and reading Web pages, the Web 2.0 generation is contributing material and participating in new online communities. As the nature of community is affected by these new technologies, archives, libraries, and museums will need to strategize how they address and harness these new patterns for their own future. The 2008 WebWise Conference, co-hosted by the Institute of Museum and Library Services and The Wolfsonian-Florida International University, addressed these issues with its theme, "WebWise 2.0: The Power of Community." Over the course of two and a half days (March 5-7, 2008), several hundred members of the archives, library, and museum community met in Miami Beach, and online via a conference blog, to consider the implications of these new ways of organizing knowledge and social interaction for their own institutions. This summary report provides another view of the conference: an abbreviated overview of participants' observations and discussions about the new kind of social contract that is being woven between cultural institutions and their communities, catalyzed by the new creativity and communications tools easily available on the Internet. Full text of keynote addresses by the following are provided: Jonathan Fanton; Jose-Marie Griffiths; and Jeffrey Schnapp. Conference speaker biographies, project demonstration information, and a Web 2.0 terminology glossary are also included. (Contains 14 figures and 45 footnotes.)