I'll be following this one. San Francisco-based new media journalist JD Lasica has teamed up with Macromedia founder Marc Canter to create the Open Source Media Project. Media being, for the most part, audio and visual media.

It sounds like a very interesting project. JD explains more in his weblog, while Marc displays a diagram of the Open Media architecture in his.

They'll have a dedicated website, www.open-media.org established for this shortly.