Keynote -- What is the Web's model of computation?

The keynote was given by Luca Cardelli. As testified by a summary of the main points below (recorded by Dave de Roure) it is not altogether clear what exactly is the Web's model of computation, nor what support should be provided on a language level or API level. See http://www.research.digital.com/SRC/personal/Luca_Cardelli/home.html for more material.
The slides are available at (A4) http://www.research.digital.com/SRC/personal/Luca_Cardelli/Slides/WWW5APITalk.A4.ps
(USLetter) http://www.research.digital.com/SRC/personal/Luca_Cardelli/Slides/WWW5APITalk.ps

In particular, Cardelli's speech made clear that the distinction between API, languages and computation models is not clear cut.