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A loss for words.
My gut feeling says the Hallmark is Utility. The data is always there, in some form. It's our tools to better utilise or form or manipulate that data which, to me, mark the new wave of web development.
Although, saying that, I think about the fact that smart people throughout the ages are always able to build good utilities for retrieving/manipulating data.
Taking this into account, the Hallmark of Web 2.0 is both. Twitter and Friendfeed are both Hallmarks.
Man, too much thinking. Need to clarify more. Cool post Micah.
Let's coin a new term or something.