I see that the World Wide Web Consortium (W3C) have just published their first draft on "Image Annotation on the Semantic Web".http://www.w3.org/TR/2006/WD-swbp-image-annotation-20060322/
Not sure that it achieves much. Interesting to note that the authors, distinguished as they may be, don't appear to have 'real world' experience in the subject (says a complete novice!). Considering Adobe is a member of the W3C I would have expected some representation on the committee from them. Maybe they are considered too much of an interested party?
Just interested to hear your thoughts...