DAML-S and OWL

The DAML-S group has done useful work in this regards and their latest
release of DAML-S 0.7 is imminent to be presented to the public. Though now
that OWL is starting to become a reality, I have some questions as regards
Web service descriptions.
Is OWL enough when one speaks of Web service descriptions and integration? I
think not. Correct if I am wrong.
So is there going to be a similar effort to that done on DAML-S to come up
with some sort of OWL-S?
Though I ask, whether starting work all-over again on such a task is
necessary.

Can someone comment on this please?

Regards

Charlie