Yes, there are more things than RSS that needed to be sorted out, but RSS is a solid and necessary first step.
This screams all talk and no action to me.
And I bet in 2yrs they'll come out with some fancy new home grown protocol that they expect the rest of the web to use.
That said, at least they're doing the talking part in the first place, it's better than nothing. And part of me remains hopeful/optimistic that something good might actually come out of all this.
But it's frustrating.