Agile is popular and efficient

What does "Agile" mean"?

In ordinary dictionaries it is defined as "moving quickly and lightly ", in Encarta it is defined as "able to move quickly and with suppleness, skill, and control".

A brief statistical overview may provide us an indicative mental picture on frequent use of this word. For example:
-Google found 20,200,000 entries on "Agile".
- Technorati found 7173 blogs on "Agile"
- Ecademy blogs search resulted in 151 blogs with the word "Agile" in it and/or in title.

When I browsed the literature including mainly technology and science publications online, I found hundreds of phrases indexed. The following are only a number of them to give you an idea:
agile alliance
agile applet
agile application
agile business process platform
agile communications
agile data method
agile development
agile enterprise
agile management
agile manufacturing
agile methods
agile modeling
agile processes
agile product
agile programming or software development
agile project management
agile property
agile software corporation
agile testing

I believe "Agile" will be used a lot in the future, particularly for the "Web 3.0" a.k.a. "Semantic Web" development, if we want to be ready within 2 years or so.

My point is to understand how important "Agile" is for your business. I'd like to obtain your views and insights on this very popular concept:
1. Do you have certain phrases related with "Agile" that you use in your business?
2. What does "Agile" mean to you?
3. What is it? Is it an important concept, function or process in your business?