The "Semantic Web" - a low-fat, no-nonsense introduction

So what is all the buzz about ? I'll get right to the point -

The "Semantic Web" is a broad term that denotes the annotation of data on the Internet and the operations these annotations will allow. The annotations better describe an object and relationships between objects.

1) Idealistic, pie in the sky take

All data on the Internet will be annotated. Computer programs will be able to trawl the net, drawing inferencesand producing new knowledge.

2) Pragmatic, "working today" situation   

Some data on the net is annotated. People are working on annotating more data. There is a good possibility of exploiting this annotation in the Web as it exists today. These benefits are not necessarily from technically spectacular acts of drawing inferences. 

I try not to use the phrase "Semantic Web",capitalization and all..such usage can get you associated with the idealistic, flag waving bunch. I personally prefer the middle path - there are benefits today and there is apossibility of a lot more, but there exist sizable stumbling blocks (more about these later).