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Paul Miller at Nodalities is blogging live from the Web 2.0 Summit in San Francisco. So is Bobbie Johnson of The Guardian, although neither has much to offer in the way of news.
How important the conference, notes The Times Online, is depends on your point of view.
The conference organizers say:

“Through incisive plenary sessions, cut-through-the-hype onstage conversations, rapid-fire “high order bits” and “show me” presentations and in-depth workshops, visionaries and executives from internet businesses will present their unique perspective on the web’s future-influx.”

(Feel free to ignore words like “high order bits,” visionaries, future-influx.) snipes:

“Billed as a big-think brainstorming session, Web 2 .0 is actually a three-day business-development party with a $3,000 entry fee.”
“Attendees are there to find sales and partnering leads, and to boost publicity for their companies and products.”

But then again, the best stuff at any conference happens between and after the sessions.