The effect of WebOnt Working Group

Hi All

These are the feelings of one that is new to the SW idea and is trying to
catch up with the latest, but things seem to be getting more difficult.

For the past month or so I have been experimenting with RDF and DAML+OIL,
since my undergraduate thesis is based on the use of such markup languages.
Recently the W3C Web Ontology (WebOnt) Working Group was created with the
intent of creating yet another offspring of these markups. The intent is to
create a standard ontology language for the web. I ask, what effect is this
going to have on the applications that have been developed or are being
developed using the previously stated markups? Where are DAML+OIL, RDF going
to end up?

Comments and positive reassurances are more than welcome.
Charlie