Ludi and PMS asked me to revive this thread (not in so many words but they did). I thought I'd take a stab at defining sustainability.
The short answer is this. Sustainability is a way of living that can go on indefinitely. On a global/civilizational level, it means that we are not depleting resources or overwhelming sinks that future people will need. On a personal level, it means that if everyone lived as you did, the criteria for global/civilizational sustainability would be met.
What are these sources and sinks? Well, first of all, we have renewable resources and non-renewable resources. We also generate waste. The resources have to come from somewhere. The waste has to go somewhere.
In the case of renewable resources, if you use them, more can be generated in the future. A plant is an example of a renewable resource. Petroleum is an example of a (effectively) non-renewable resource. We're not making any more. If you use it, there is no replacement being grown, at least not in this millenium.
We don't need the particular resources themselves: that is, we don't need oak trees or oil or a house on Park Avenue. In that sense, JohnDenver was correct when he said that
we don't need biodiversity. What we need are basic commodities like food, shelter, and energy, in quantities that can support the human population. If we could all eat vat-grown fungus and live in 100 story buildings and use electricity generated from mirrors on the moon, it
might be sustainable. It might be ugly but sustainable.
But we like biodiversity. So if we can keep that too, good.
The other thing is -- and this is one of those places where the doomers and the optimists just can't agree -- that we can cheat. We can get resources from space. That is, if we're capable of going and getting resources from space, we can go ahead and get them. The sun qualifies as space, BTW, so in that sense something as prosaic as solar energy is a space resource.