Cobweb is an item that showed up in Beta 1.5. They naturally appear only in Abandoned Mine Shafts. Cobwebs were previously found in the terrain.png file, but had no block ID assigned to it. They were added in Beta 1.8 and are generated in Abandoned Mine Shaft. Cobwebs are also flammable, but they can't be ignited. It currently has no use, placing it in a crafting table has no effect, nor is it craftable from string. Cobwebs can be broken with the player's hand, but this does take a very long time, especially if the player is stuck in one. Cobwebs can be 'broken' much faster with a sword or shears, but this deals double durability points to the sword. If one of these two tools is used, then the cobweb will drop one string.
Behavior
Moving into a cobweb limits the user movement abilities. When they are "inside" the cobweb, players 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 two block high space. Dropping an item into it will make the item stick and gradually sink through it. Unlike water, however, falling into a cobweb will not prevent fall damage, although it will be delayed until one makes contact with the ground.
Fall Damage
Jumping from as little as one block above a cobweb, onto it, will induce half of a heart in fall damage.
When falling into a cobweb, if a player gets into a Minecart or Boat before hitting the ground, they will not take the fall damage until they exit the cart/boat.
Trivia
Cobwebs can be placed on any block, including transparent blocks or even other cobwebs.
Spiders, as they are spiders, will move right through a web block without being slowed down.
Whilst traveling down through a cobweb and attacking, it counts towards critical hits the same as jumping while attacking would - even if the player did not jump into the cobweb.
If you place Soul Sand under a cobweb, you will move 10% slower, which is slower than the average crouching speed.
Swords break cobwebs faster and give you string.
Cobwebs can be good for special effects and decor. Cobwebs are good for smoke from chimneys, and can create quicksand.