Web 3.0 and the Semantic Web appear to be similiar in their ambition to improve the internet beyond anything we know today. Some articles I've read about it have seen the Semantic web as a debatably far-fetched proposition, while Web 3.0 appears to be more achievable.
Experts believe that Web 3.0 will be able to connect aspects of our online and offline lives together. For example after typing into Google "I want to see a funny movie and eat a good Mexican restaurant", Web 3.0 will search for all possible answers and organise them for the user. As you surf the web, the browser gets to "know" you, will consult your previous queries and therefore your search terms need not be so specific over time.
Like the semantic web, Web 3.0 understands the context behind a search term and cuts down on the research a person has to do. However it appears to me that most of these "expert" ideas come from the Semantic Web theories of Bernes-Lee, and the concepts of the Semantic Web and Web 3.0 overlap considerably.
From from my understanding, while the Semantic Web has more focused on computer programming and language to build its understanding of text, Web 3.0 is more based on user-contribution and the computer "learning" how an individual characteristics to meet the same ends, but they have very similar foundations.
"How Web 3.0 Will Work" - http://computer.howstuffworks.com/web-30.htm
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Your understanding is very similar to mine. I would add in that 3.0 will capitalise on 'ubiquitous computing' and 'cloud computing' to present an 'anything, anywhere, anytime' (list of 3) future enhanced by whatever level of 'semantics' available as it develops.
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