Social Networking - Web 1.0 or Web 2.0?

I was talking with Richard Bennion, President CEO of Broadchoice about social networks and I was reminded of the USENET days. The ability to join groups and participate in discussion forums goes back to "Web 1.0" days. Users would subscribe to groups and when online their computer would upload articles to the servers they were subscribed to - of course this is back when everyone was on dial-up so there wasn't exactly instant gratification but it worked. People connected to people. Now, over 20 years later history repeats itself but this time we're calling it "Web 2.0" and it's enabled by Facebook. So can social networking really be considered "Web 2.0?"