Adam Lashinsky writes: Despite lofty predictions for MySpace and YouTube, almost no one in the current Web wave is making money - except Google. That could be a good thing for investors, argues Fortune’s Adam Lashinsky.

For a couple of years now, Internet-industry cognoscenti have cringed at the expression “Web 2.0″. It’s one of those catch-all phrases that started with a fairly specific definition (more on that in a bit) but has mushroomed into meaning essentially anything the person who evokes it wants it to mean.

What became clear at the loftily renamed Web 2.0 Summit, held last week at a posh hotel in San Francisco, is that the frothiness of Web 1.0 has returned and that Web 2.0 really is all about “the Google” and how everyone else relates to it.