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I agree with Microformatique on this. Where is the dichotomy that Read/Write thinks it is?
GoogleBase is about storage and management of structured data. And Microformats are about embedding structured data in MacroContainers, such as web-pages. It is still to early to judge. Googl Base can adopt microformats for embedding the search results of a GoogleBase query into the web-page. They might adopt microformats or not. But there certainly will not be a dichotomy.