Semantic Metadata, Microformats, and Microdata

Today we discuss adding semantic metadata to your HTML via Microformats and Microdata.
Discussion Points

What is semantic metadata?
What standards are there?
How could it be used?
How is it actually used?
Why don't we use it more?
Should I use it on my web pages/apps?

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Resources

Schema.org - Microdata schema definition site.
Open Graph - The meta tag side of Open Graph (not the Facebook App side).
Microformats - An older standard, mostly superceded by Microdata.
Google's Microdata Support - Specifically, look at the bottom to see the list of entities they support
Google drops support for authorship metadata
Structured Data Testing Tool - Use this to test if you're correctly adding your semantic metadata.
Extracted metadata from one of my websites - This is my