Microformats have attracted a lot of sporadic attention over the past couple years, but nothing substantial has really materialized (as far as I've noticed).
I recently found a nice Microformats Bookmarklet as well as the Tails and Operator plugins for Firefox. The bookmarklet has been around since 2006, but the Firefox plugins were just released this summer. Finally, it seems people are using the parsers to create something that actually gives this data format some life.
Firefox 3.0 includes a Microformats API (but no GUI). IE 8 is rumored to have also added support for the format. So, it seems if usage increases, we might start to see Microformats actually catch on this time. It would provide a way to easily extract contacts, locations and events from web pages.