I never joined that list, but I occasionally read the web-based archives. The conversations seemed pretty counter-productive most of the time, and I certainly had more “fun” on the Wiki.
I don't check the Wiki anymore, though. I stayed around long enough to put in my two-cents and made a hasty exit. Hopefully my comments are still hanging around on the wiki, but I'll not lose any sleep over it.
What really needs to happen is for one person to design the format in a really general way and then deploy it on something big (like LiveJournal? ;)) and see if people take to it after the fact. Design-by-committee always turns into design-by-bickering.