I don't have a horse in this race (I'm not a coder, nor a bidnethman), I'm just an interested observer. At this point, assuming the Echo folks wind up with an implementable spec (something I entirely expect to happen, given the technical caliber of the people involved), the outcome, to me is clear. The installed base insures that all current weblog and aggregator vendors will continue to support RSS (most likely the 0.91/2.0[x] strain) for the forseeable future. Every developer of note in this field has already pledged support for Echo, and (paranoid conspiracy theories aside, and we know who's spreading that FUD), an open format hashed out via a transparent process is going to appeal to a lot of people. I'm going to provide feeds in both formats once this is all settled, and I imagine a lot of pragmatic folks will do the same thing. No big deal.
All newspaper editorial writers ever do is come down from the hills after
the battle is over and shoot the wounded.