Cobweb

The "Web" is a new item introduced in Beta 1.5. It was previously found in the Terrain.png file, but had no block ID assigned to it. It is not generated or crafted in any way, although it is speculated that it will be properly added in Beta 1.6. Current thoughts are that spiders will nest in it, shoot the web at you to slow you down, or drop it as loot.

Moving into a web limits your movement abilities. When you are "inside" the web, you will move at a speed equal to about 15% of the normal walking speed. Additionally, jumping will vibrate the player, akin to jumping in a 2 block high space. Unlike water, however, falling into a web will not prevent fall damage, although it will be delayed until you make contact with the ground.

Trivia

 * It can be placed in and under water.
 * You can put a web on reeds.
 * Jumping from high above into a web doesn't kill you, but the moment you hit the "bottom" of the web you take fall damage.
 * You can put webs on webs in-game.
 * Items thrown on the web will fall down after about 20 seconds
 * Animals that walk into the web will slow down, even spiders.
 * Minecarts treat it as a regular block, like glass or dirt.
 * You can only get webs by hacking
 * Signs and paintings can be placed on webs