Today's global society finds itself in a place where news, opinions, and information of any sort are no longer channeled through traditional media and news outlets, but are instead distributed through blogs, podcasts, vidcasts, and many other types of social media. Up till now the public relations and communications industries have been able to utilize the traditional press release to communicate their information. However they have quickly found it more and more complicated to find a means to package their information in a way that can best be utilized by all of these different types of media.
One clear answer to this dilemma is to create a standard format for packaging information so that it can be broken down into parts which can be presented to all forms of media. The media distributors can then review and choose those elements that they need to incorporate for their specific media distribution. For instance, let's say that Widget Inc. wants to announce that it just released a new Widget. If they practice traditional news release they will package their news information into a perfectly crafted text document. One problem, text doesn't work on a podcast. Now Widget Inc. will have to create a separate news release/recording for the podcast, and a video for youTube, a blog entry for their bloggers, etc. Why not create a format that they can use to package it all together in one place and let the distributors figure out those elements that they want?
One practical solution would be to develop an entire XML specification around all the elements that social media incorporates. This would certainly be the most thorough solution since information could traverse the internet without any concern for the platform it needs to communicate with. However, XML is a beast to learn. Implementing an industry-wide XML standard for a simple press release is a little like using an electron microscope to look at a fly's bum.
Instead, in true Microformat best practices, it makes greater sense to "pave the cow paths." In other words, since most press releases come in the form of a web page, blog entry, etc., rather than forcing an XML specification on the content, it would be much more simple to add a few less obtrusive tags into the content via Cascade Style Sheets and other XHTML elements. Most web savvy individuals out there can handle the task of adding specific CSS/XHTML formatting to their page content.
The beauty of Microformats is in their simplicity. Very little needs to be done for anyone to convert their news release into a (micro)format that is readable by media distributors/consumers as well as computers. In the rapidly changing world of the web it makes more sense to allow natural evolution to take place by incrementally and thoughtfully evolving the news release along with it. Grand slamming the news release with a full on XML stack is a recipe for frustration. Perhaps we will see a movement in that direction, but for now, let's not put the cart before the horse.