Kathy Sierra's got a great post applying the Web 2.0 jargon to a management approach in the vein of Tom Peters and his spiritual colleagues. Creating Passionate Users: Manager 2.0
One of the best companies I've worked with does their best to take a "2.0" approach to running the business. In 2000, the principals took heavy shipments from the Cluetrain and from then on have done their best to run a shop that focused on employee community and conversation over organizational hierarchy.
The approach has served them well, but one problem comes up from time to time: for this kind of approach to really work, you've got to surround Manager 2.0 with enough Employee 2.0 to establish the kind of community of practice that Manager 2.0 thrives in. If you don't, all the 2.0 management goodness gets lost to community destroying Employee 1.0 distrust, apathy, hierarchy building, and turf guarding.