It seems that the developments around microformats are picking up. About 2 years ago I stumbled upon this development and thought it had a huge potential.
What are microformats? And what can you do with them? See the about page (http://microformats.org/about/) for an overview, and the introduction page for more info. Recent press, presentations, podcasts, and screencasts are also a good place for some background reading/listening. Frequently asked questions are answered in the faq. Want something or want to contribute? Help with things to-do. Want to learn more in person? Check out microformats events.
One popular definition from our mailing list (http://microformats.org/discuss/) (see also: mailing-lists) is "simple conventions for embedding semantics in HTML to enable decentralized development." More precisely, microformats can be defined as:
simple conventions for embedding semantic markup for a specific problem domain in human-readable (X)HTML/XML documents, Atom/RSS feeds, and "plain" XML that normalize existing content usage patterns using brief, descriptive class names often based on existing interoperable standards to enable decentralized development of resources, tools, and services