The Metadata Working Group is a coalition between Adobe, Apple, Canon, Microsoft, Nokia and Sony, which was formed to help standardize the various methods and formats metadata is created and used among consumer electronics manufacturers.
The Metadata Working Group has porduced a set of Guidelines for Handling Metadata, which is a 42 page document describing how best to use existing standards such as Exif, IPTC, and XMP to address the key organizational metadata questions that most consumers have.
The intent of the MWG is to publish technical specifications that describe how to effectively store metadata into digital media files. These royalty-free specifications will be made available to manufacturers and service providers so that they may create products that store metadata in a consistent way, and that allow consumers to maintain control over their valuable information. Where possible, these specifications will rely on existing standards, and will aim to create a unified and cohesive approach to applying these standards.
For additional information, see the press release below.