Microformats are a way of writing html pages so that they are amenable to automated data processing while still easily read by people. Lucas Gonze feels the standardization inherent in the microformat writing process drives out innovation, specifically:
For example, let's assume that microformats make sense for business. The h* family of microformats, like hReview and hCard, are a sort of HTML fundamentalism. The premise is that HTML already supports most of the semantics a new data format would need, and that reinvention is destructive.
the weblog of Lucas Gonze
Somewhat to the contrary, I see microformats as an opportunity for invention. All that is really required to create a microformat is to specify a protocol for using standard html elements and attributes. People with an adequate understanding of these things can crank out a format within a few hours.
The much harder issue in microformats is the politics of getting them accepted by an expert group. A smart strategy for innovators at this point might be to focus on areas that are not already the focus of an expert group. Instead of getting involved in a standards war, find a new frontier, drive adoption by people with needs, and declare yourself the winner.

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