This may superficially look like yet another standard but is highly likely to be much better "Let us set up yet another committee to cook up yet another standard".

The Google I/O talk mentioned on the other thread explains how we can separate out the semantics from the implementation and let components from different providers inter operate. I feel things like Shadow DOM will give real encapsulation for the first time in web development. As of now we either use Iframes or try(through self descipline) not to cause damage when mix components from different sources.