A quarter or two ago I took a graduate class where we had to chose a topic that we possibly would enjoy looking into. Ashok and myself spent three months putting together a 58 page report on the Semantic Web. Its current state, current technology, its challenges, and its future.
If you do a quick google search on the semantic web RDF, OWL, and some other XML based junk will come up. All that technology is just to put meaning into all the documents published on the net, information that gadgets create so one day all that data can be combined to help machines help us. So the theory goes.
Here is the paper.
Semantic Web Paper – by Armando Padilla & Ashok Sahu