It is to take care of these issues, and get something going in anticipation of maybe a new vNext initiative (at W3C or wherever). May not be be focused on vNext, just addressing amendments and corrections may already be valuable.
As I outlined in POLL: SocialHub Scope and Purpose? a 3-pronged parallel track makes sense to me, of:
- Open standards track → keep drafts until this gets underway, or turn forks into the new deal.
- FEP process
- Vocabulary extensions