The W3C has released a Last Call draft of Synchronized Multimedia Integration Language (SMIL 2.0), an XML-based language that allows authors to write interactive multimedia
presentations.
SMIL 2.0 takes a modular approach to multimedia, defining Animation, Content Control, Layout, Linking (which includes a note about XPointer), Media Objects, Metainformation, Structure, Timing and Synchronization, Time Manipulation, and Transition Effects.
Two profiles, one Basic and one more complete define two levels of SMIL usage.
Because it was built to permit "reusing of SMIL syntax and semantics in other XML-based languages," SMIL 2.0 may have better hopes for success than SMIL 1.0, which was built as a standalone multimedia vocabulary, apparently to the dismay of Microsoft and other supporters of HTML+TIME.