"My predicion would be that Web 3.0 will be ultimately seen as applications that are pieced together" - with the characteristics that the applications are:
- relatively small
- the data is in the cloud (or network)
- can run on any device (PC or mobile phone)
- very fast and very customizable
- distributed virally (by social networks or e-mail)
There is low barriers to entry - applications are easy to develop and works everywhere.
Here is Schmidt's full Web 3.0 definition on YouTube.