Tim O'Reilly returned from vacation to a firestorm of concern and penned this thoughtful reply
I thought it was a nicely reasoned, rational reply to the brushfire of angry commentary, but unfortunately did not really address the key concern of many which is that enforcing rights to "Web 2.0" *appears* to be outside of the spirit of Web 2.0 as representing open, freewheeling, new age business models. He seems to say this is only a conference thing but that does not jive with the more sweeping claims to "Web 2.0" that the staff replies seem to be addressing.
I think this may be especially true of those in the EU who are not as familiar with the O'Reilly name and sterling reputation.
It's easy for me to say but I think there is more to be gained from the positive publicity that will follow dropping the claim on the mark than from fighting to own it.
I think I've spent enough time worrying over this one – O'Reilly is a fine company and will handle this reasonably.