I have to admit I’ve been a bit slow on the uptake with microformats. However, the more I have read about them the more sense they make to me. However, due to the lack of readily available tools that make use of microformats they may still take a while before they get more widespread adoption. If you are like me and need more info on microformats check out “The Big Picture on Microformats.
I currently use two different tools that deal specifically with microformats. The first, Structured Blogging (site was down when I wrote this), is a wordpress plugin that makes it easy to create content in microformats. The second, Tails 0.3.4, is a firefix extension that makes it easy for me to extract microformat information from webpages.
I tried a couple of earlier version of Tails (and flocktails and tails export) but there was one bug in them that was a showstopper. Basically it messed up the tab cycling feature in firefox so that if you hit ctrl+tab it would cycle two tabs instead of just one. Fortunately, that is fixed in 0.3.4 and it is pretty capable of handling a variety of different microformats.
I think the two microformats that I might have the most use for, currently, as a consumer are hCalendar and hCard.
Here are a couple links that deal specificially with microformats or how to use them:
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XFN - A relationship microformat