After much debate and re-ratification, the members of ISO/IEC have finally chosen to adopt the OpenDocument format
(ODF) for definition as the standard document format. While this doesn't mean that people will suddenly be switching over to ODF for use, it does give a guideline now that people will likely follow. Hopefully, this will result in more interoperability between companies and people. Under still review is Microsoft's Open XML spec, which could also end up being ratified. If you're interested about the ODF adoption or are interested in OSS, I suggest you give the article a read.