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Slashdot reports that RSS Version 3 Specifications are up for review.
It is the 1st draft of RSS Version 3 Lite, with Full version also planned.

- RSS Version 3 - Project homepage.

I wonder where does this work leads, how does it relate with RSS 1.0 and the newly developed Atom syndication format. And why do we need yet another format anyway?

Specification home page provides some answers:

"This is a derivative work which is meant to replace the 2.0 version."

"The 0.9x class of standards is outdated and underdocumented. The 2.0 class is highly underdocumented, filled with unnecessary features though lacking others which could be useful. The RSS 3 standard is supposed to extensively document the standard, to expand where expansion is needed and to remove unnecessary features."

"A standard of similar name and purpose, entitled with the version number 1.0, was produced - yet it contradicts all other standards, being based on RDF, and thus remains out of the current standard's scope, as is the similar in purpose though unrelated Atom standard."

"An RSS 3 file carries the suffix .rss, though note that feeds may be URLs, either containing parameters or not." - I thought that indicating content by the suffix (and requiring to do so) is an old-time legacy...

It is still unclear why such a standard is needed. The website is nicely designed and they try to put this standard under proper documentation and management. (Can we call it RSS 2.0 + BPR?)

But what is their long-term goal?

To disregard RDF and Atom as "bad technologies" and patch existing RSS 2.0?
It is not in such a bad condition (and people are using it) as to require a new standard.

With aggressive marketing RSS 3 could get going, but there is not a real need for it.
I would vote for Atom and RSS 1.0 (and maybe something new) to be syndication formats that will used in the long term.

Update: most of commenters on Slashdot look at this as not even funny.

They've got interesting timing though - yesterday the Atom Format Internet Draft specification version -11, "The Atom Syndication Format" was approved by the IESG as an IETF Proposed Standard.