This paper highlights features of the Web 2.0 and its evolution into Web Societies, the Virtual Generation, or Generation V’s, major contrivance for knowledge diffusion (knowledge spillovers). Web 2.0 has set the bases for a highly intensive environment for knowledge creation and collaboration processes, with important implications for the nature of technological change. This work aims to present a documented, exploratory rather than explanatory study, based on descriptive definitions of the evolution of Web Societies and their implications for knowledge dissemination, on which to later base an empirical analysis.