More recently, synergy between novel technology and new usage patterns has enabled the convergence of mobile devices and Web 2.0 applications. This synthesis is embodied in a new conceptual and profitable space called mobile Web 2.0, where an always on empowered web consumer, is sought after by manufacturers, operators, business developers and media actors. In this article, we will mainly focus on mobile Web 2.0 as defined above. This piece of research delineates an original theoretical and technical framework that helps introduce the reader to the mobile Web 2.0 phenomenon. For this, the central aspects in the evolution of mobile phone usage towards Internet-based collaborative applications will be emphasized. In addition to it, the difficulties and limitations faced by the industry, the seven principles of Web 2.0 for mobile devices, and product, content and GUI aspects of this incipient market will be analyzed. A computer graphics have been included as a summary of this piece of research.