This is pretty exciting news, check out the announcement (below) and read what David Rudin has to say about it. below are a few excerpts from the announcement post:

The Open Web Foundation was founded to help developer communities collaborate and share technical innovation on the web, bringing to the world of formats and protocols the same successful grassroots approaches established by the open source community. Modeled after the Apache Software Foundation and Creative Commons, the Open Web Foundation seeks to facilitate the creation and implementation of specifications with legal agreements that make such work simple, safe, and sustainable.

This reusable agreement is designed to be easily adopted by a wide range of specification communities and organizations as an alternative to the challenging -- and costly -- process of negotiating new licensing agreements every time. Specifications made available under the Open Web Foundation Agreement may include everything from small ad-hoc formats sketched out among friends to large multi-corporation collaborations that ultimately grow into international recognized standards with the help of formal standards setting organizations. 

There are lots of interesting specifications which will have the OWFa applied to them:

We are further pleased to announce that the following companies have committed to apply the OWFa to the following community and proprietary specifications:

Get involved

The Open Web Foundation is open to everyone without charge and we actively solicit feedback and participation from the community at large, whether or not they are Open Web Foundation members.  The Legal Affairs Committee is open for self-nominations for participation in the drafting and review process itself, and interested individuals are encouraged to join the Open Web Foundation general discussion list to offer input and support.