Business 2.0 reports: "As Web 2.0 success stories like Flickr and Del.icio.us prove, this kind of technology is dirt-cheap to implement and borrows data freely available from other websites. ... A lot of these global entrepreneurs are simply copying the biggest ideas in America's Web 2.0 canon. For every Digg.com, the popular U.S. site that lets readers nominate and vote on the most important news stories, there's a Yigg.de (the German version of the same)."
Here is an interesting article about Web 2.0 applications from around the world. Some of them are pretty interesting, and others are just duplicates of existing applications offered by other companies.
If you don't know what Web 2.0, Wikipedia defines it as: "a term often applied to a perceived ongoing transition of the World Wide Web from a collection of websites to a full-fledged computing platform serving web applications to end users. Ultimately Web 2.0 services are expected to replace desktop computing applications for many purposes."