Proposal: Web Federation Protocol

There seems to be a few 'Federation' Protocols out there.

Two of which are:

http://en.wikipedia.org/wiki/OStatus
http://en.wikipedia.org/wiki/Google_Wave_Federation_Protocol

Much of the discussion that goes on today in various project is oriented
around how it's possible to make heterogeneous systems Federate.

So I was thinking about proposing working on a document something along the
lines of:

'The Web Federation Protocol'

The document could contain some of the "deceptively simple" federation
protocols that we have working in the wild, such as linked data and
pingback.  In particular, if we can get others to implement pingback (which
is normally less than a day's work), we can quickly develop an internet
wide messaging system.

Some of you might think, 'that's missing the point the Web is already
federated via the URI (hyperlink) ', and there's certainly plenty of
evidence to support this.

However, to date I'm not sure there exists a very good explanation, for
those that are trying to get a better understanding of the Web.

Maybe we could put together a narrative, primer, or wiki article, to show
how the Read Write Web is already federated, and how it's possible to take
advantage, embrace and extend?

Good idea / Bad idea ... any thoughts?