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It's still somewhat difficult to get a handle on exactly what is meant by the "Semantic Web," and whether today's technologies are truly able to realize the vision of Tim Berners-Lee, who first articulated it back in 1999. From what I've read, I think there's general agreement that we aren't even close to being "there" yet, but that many of the ongoing Semantic Web activities, technologies, development platforms, and new applications are a big leap beyond the unstructured web that still dominates today.
There is a huge, seemingly endless amount of work being done by thousands of groups all trying to contribute to making the Semantic Web a reality. In my few weeks of research, I still feel as though I've just stepped my toe into that vast lake of semantic experimentation. Partly as a result of the many disparate projects, however, it does become rather difficult to see the entire forest for all the tiny trees. That said, these thousands of groups do appear to be working more or less together on the basis of consensus-based open standards, and they have set up mechanisms to keep everyone abreast of new ideas, solutions, and projects, under the general leadership of the World Wide Web Consortium (W3C)'s Semantic Web Activity.
As a starting point for exploration into this topic, the Wikipedia article that describes the Semantic Web Stack is quite good. Among its good overview and many useful links, the article includes the original conception of the Stack as designed by Berners-Lee.
Besides cataloguing the sheer number of different projects all tackling different aspects of building a Semantic Web, it's important to distinguish ongoing projects from those that expired years ago—a distinction that's not always readily apparent to those peering in from the outside. Even excluding these, there are far too many projects to read up on in a few weeks, so this snapshot is necessarily incomplete. But after having the content reviewed by some Semantic Web experts, I'm confident it includes all the most significant threads of this new web, which, as Berners-Lee envisioned it:
I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A ‘Semantic Web’, which should make this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The ‘intelligent agents’ people have touted for ages will finally materialize.
In my tour of the Semantic Web as it exists today, it's interesting to note that most of the projects are geared not toward machine-to-machine interaction, but rather to the traditional human-to-machine. Humans being by nature anthropocentric, the first steps being taken toward Berners-Lee's vision are to build systems that are semantically neutral with respect to human-to-human communication. Once we can reliably discuss topics without drifting off into semantic misunderstandings, then perhaps we can start teaching machines "what we mean by" ...
This paper is an attempt to assess the current state of today's steps, while compiling a list of resources that would prove useful to someone thinking about building a Semantic Web application in 2009.