The truth is that I've already heard allot about microformats, but I've never had the chance to search and read something more detailed about it. It all comes down to the Semantic Web.
Yesterday at Codebits there were some interesting presentations, but the one from André Luis about Microformats, really caught my attention. If you're interested in having a good introduction to this matter just read this presentation. The video hopefully will come out soon after the event that ends tomorrow.
So, now that I caught some interest in Microformats, I'll soon be applying them on my web projects.