- - a way of adding simple markup to human-readable data items such as events, contact details or locations, on web pages, so that the information in them can be extracted by software and indexed, searched for, saved, cross-referenced or combined
- - simple conventions for embedding semantics in HTML to enable decentralized development
- - the fastest and simplest way to provide an API for your website.
It looks like Microformats - are some kind of API for website, the socializing coder. I see Microformats are the oil for the Search Engine(s) Optimization. More structured coding helps to search better, and any Meta's for text - such as re-telling the story - is quintessence for effective communications, the alphabet of the speech.
Microformats are the official metas of your web presence. Microformatted presence - is a dead SEO.