I've blogged a few times about the support for custom defined schema in the OpenXML formats. (http://blogs.msdn.com/brian_jones/archive/tags/Custom+Schema+Solutions/default.aspx)
I've had a few folks ask me if there are similarities between the custom defined schema support and Microformats. While the approach is a bit different, the scenarios are very similar. The key is that you want to take documents stored in a presentation based format (HTML, OpenXML, ODF), and add additional information that helps describe the actual meaning of the data. This makes it much easier to search for, reuse, and modify the data within a document. Doug Mahugh has a great post that talks about how you could take some of the microformat schemas out there and apply them to an office document using the custom XML support. Take a look: http://blogs.msdn.com/dmahugh/archive/2007/03/03/microformats-and-open-xml.aspx
The added benefit of the custom xml support tied to content controls is that you can program against just the data and not interact with the display markup at all if you choose. I had a couple screencasts where I demo'd how this works:
-Brian