Out of a dozen at Web Design World 2007, the presentation that captured my heart and attention was the keynote address by Peter Merholz on how Experience is the Product:

Here is my attempt at briefly summarizing the presentation:

• Think in Features - Peter states that a lot of us still buy software based on the bullet list of features on the product packaging. Developers are especially keen to "features" and are used to thinking this way when developing applications.  We look at a web app and say, "I could have developed that feature!"
  
• Technological Evolution We're Used To - (above graphic) So many technological products that we've seen go through the three phases of technology, features, and then experience. For ex. think of technologies such as the VCR, cellphone, mp3 players, and the camera.
  • First Introduced - They are usually bulky and accomplishes a few rudimentary tasks.  
  • Soon After - Companies start producing these products with lots of features.  The features can get so complex that the common person don't end up using them: think of programming the VCR, voice command on your cell phone, Microsoft Word mail merge feature, etc.  Sure they can be useful if you are techically savvy and you take the time to learn them.  These features do gives you more control.
    
• New Impact on the Market - The most amazing thing that a technological product can do is to get into an area where the technology has been around for years and introduce products that dominate the market by the power of experience.  Think of the iPod, Wii, Flickr, Google Maps, etc.  All of those technologies: mp3 players, game consoles, photo sharing, online maps have been around for years!  But the product with experience trumped them all.
  

The Key Note from the Keynote? 

You can dominate an existing online application market.  Differentiate by offering an experience.  See Peter Merholz's presentation on how to GET STARTED.