On November 9, 2010, the BetterGedcom was announced to create a standard for genealogy data portability.
The mission statement for the project is: We seek to participate in establishing a standard for the transmission, sharing and updating of genealogical information.
The press release announcing the project can be read here, and it's very simple (and free) to sign up and contribute to the project.
We will frequently post updates on the initiative as well as pose questions to Geni users to ensure that all users' needs are met. Please follow this project if you'd like to be involved in the conversation.
See also: GENTECH Genealogical Data Model Phase 1 (PDF)