Question - How frustrating is it to write a specification knowing that you're at the browser vendors' mercy?
Answer -
That's part of the game. I don't think any specification has a birthright to be fully supported by all browsers. There should be healthy competition between different specifications. I believe simple, author-friendly specifications will prevail in this environment.
Microformats are another way of developing new formats. Instead of having to convince browser vendors to support your favorite specification, microformats add semantics to HTML through the CLASS attribute. And style it with CSS.