MIT Convergence Culture guru Henry Jenkins posts a 3-part essay on the cultural politics of Web 2.0 with colleague Joshua Green (together, Jenkins and Green organize the Futures of Entertainment conferences).
This essay focuses on the resulting reworking of the "moral economy" that shapes the relations between producers and consumers. "Moral economy" refers to the social expectations, emotional investments, and cultural transactions which create a shared understanding between all participants within an economic exchange. The moral economy which governed old media companies has broken down and there are conflicting expectations about what new relationships should look like. The risks for companies are high, since alienated consumers have other options for accessing media content. The risks for consumers are equally high, since legal sanctions can stifle the emerging participatory culture.
And I highly recommend reading it if you do any kind of marketing that benefits from engagement, content creation, and community. So that pretty much means all of you.