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See thread http://lists.w3.org/Archives/Public/public-media-annotation/2008Sep/thread#msg74
Discussion at http://www.w3.org/2008/09/30-mediaann-minutes.html#item06 From the minutes: rapheal: IPTC, they did some work on it, the result is to put this part as a link to other vocabularies, such as MPEG-21, <frank> I agree with Raphael <davy> +1 <wbailer> +1 <vassilis> +1 fsasaki: it's a good approach