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Danny Ayers has just posted perhaps the best and most succinct explanation of the semantic Web and its relation to Linked Data I have seen: Semantic Web…in a Nutshell?
Please, all, I encourage you to read the bottom portion of this short posting carefully and to bookmark it for future reference. It doesn’t get much shorter or sweeter than this.
Nice job, Danny! Now, do you care to take on the update of the layer cake? 
Wow, thanks Mike!
Re. the layer cake – dunno, I think it was danbri who said something to the effect “it’s served it’s purpose, time to retire it”. Might be a good point. But there is a less intimidating version in the SWEO Semantic Web brochure (pdf), also on the ESW Wiki.