I'd shorten that to "what's 'ontologies'"? I did a class on Semantic Web, and spend a fair amount of time reading articles (and a book) about that, and I still don't have any clue what exactly do they mean by "ontology"... It's like the meaning of this word somehow escapes my mind.
I turned down a job there a long time ago, I did ontologies academically so I already knew they didn't work for what they were trying to do.