There is a lot of confusion around the definitions of Web 2.0 vs New Media. You will hear a lot of people use them interchangeably. Even the above linked to Wikipedia definitions don’t offer much differentiation. So while theses may not be definitive this is the difference as I see them.
Web 2.0 is the technology.
This includes things like: AJAX, Blogs, Wiki’s, podcasts, RSS, widgets and tagging.
New Media is the philosophy.
This is the new approach to how we communicate with each other. This is what makes things like social communities so powerful.
It’s the combination of these two factors at the same time that have created the change that we are experiencing. One without the other is not as powerful.
Web 2.0 is cool, I like the technology but without the philosophy it’s just a cooler way to experience the web.
New Media is great, the approach of many to many and knowledge sharing across multiple groups is extremely powerful but without the technology you are limited to off line geographically limited groups.
Combine the two you you achieve exponential results.