Exactly. Microformats could be as big an innovation as databases were.
If databases let us store information. Microformats let us access the world's databases. Potentially!
Yes, APIs do this too. But, microformats make the database (or data store) distributed. Not controlled by one entity.
This could be as big as "http".
If you don't get how microformats can change your business, prepare to be outdone.