I'll skip the usual talk about stop energy just because someone blogs (sorry, blocks) about an innovation and instead explain why I think this undertaking makes sense.
RSS is a format that has been developed in many different directions by various people. There are two main streams. The RDF-based formats with their peak in RSS 1.0, with design-by-company and sometimes even by-committee. And the keep-it-far-too-simple stream from Dave Winer with its peak in RSS 2.0, which attempts to marry RSS and RDF, but isn't really coherent either (for instance, lately Dave labels anything that uses namespaces as "funky RSS" - I hate funk!).
So what can a new format bring? Possibly nothing. That's fine too, then at least you know (and have it documented for reference) that RSS in its existing forms is good enough.
Or you recognize that there are weaknesses and errors in the existing pool of formats. If that's the case, there are two options again:
The weaknesses can be fixed (for example through RSS 1.0 with full RDF basis or with RSS 2.0 and a few additional namespaces). This will certainly be done - because not everyone wants to jump on a new format.
The alternative - the new format - also has its merits: it's being developed using community techniques. A wiki where everyone can contribute their two cents. So it can become quite an interesting format with many good ideas. Why shouldn't you implement it then? It would be a shame if all those ideas went to waste...
At the very least though, it's a wonderful network-psychological experiment. A bunch of pretty far-out freaks of various stripes trying to collaborate together in a wiki (remember: anyone can edit and change anything!). Hey, that's practically screaming out for chips and cola and comfortable kicking back and reading along
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At Der Schockwellenreiter you can find the original article.