My early comments are marked [MSM].
I'm all in favor of this project. It reminds me very much of the brainstorming I've done in designing my own software, though with a lot more input.
With respect to the publisher and reader APIs that do come of this, I'd like to see us settle on both a SOAPy and (my preference to implement/use) a RESTful API. I'm undecided about an XML-RPC interface, as I'd be unlikely to use it, but can see its value. I would like to see the RESTful APIs based on the RestLog and CommentApi specs that JoeGregorio has developed.
I take the position that it should stand in parallel to the existing APIs and syndication formats, since those will have to be supported for some time to come. This project should absolultely not attempt to influence, rewrite or re-version any of the existing de fact standards. They do what they do. If they do more in the future, that's up to their developers.
For project naming, I like "Recino" (Latin for "Echo," roughly) as it seems to be as yet unused in the computing arena.