I just finished reading a really amazing article by the creator of Mozilla's Firefox Alex Faaborg.
You can read his personal Firefox Blog Here

I will explain the gist of it to the best of my ability. The basic premise will be that everything you view on the web will be linked to your favorite websites. Below is the best explanation I have seen.

"Much in the same way that operating systems currently associate particular file types with specific applications, future Web browsers are likely going to associate semantically marked up data you encounter on the Web with specific applications, either on your system or online. This means the contact information you see on a Web site will be associated with your favorite contacts application, events will be associated with your favorite calendar application, locations will be associated with your favorite mapping application, phone numbers will be associated with your favorite VOIP application, etc."

An example would be if you see an e-mail address you want added to your G-Mail account. Normally you would have to log-into G-Mail then copy and paste the e-mail into your contacts. This new way of thinking would eliminate that process and adding an e-mail to your G-Mail account would be as simple as clicking the address and adding it. The browser (in this case Firefox) would send the new e-mail address to your G-Mail Contacts List or it could even send it locally to your Outlook.

This wouldn't just be for contacts - thats just the short vision. This new way of thinking could effect us in all kinds of ways. You could automatically call companies by clicking on their phone number and Skype would start to dial out. Finding directions to an address would no longer require you to log into Google Maps, instead clicking on an address would open Google Earth and give directions from your home to your favorite restaurant or even friends house. The possibilities are endless for this new technology.

Click Below for the Original Articles:

Microformats - Part 0: Introduction
Microformats - Part 1: Structured Data Chaos
Microformats - Part 2: The Fundamental Types
Microformats - Part 3: Introducing Operator

Click Here for a more indepth article on "Microformats"