Game Model Format

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What information would this material format contain?

See the problem I have is even the difference between the material format I use now and what I am planning in LE2 are so totally different; but if there was a more or less standard materials definition it would be okay for simple stuff, and maybe it could be referenced to an external file for more complex things.

Haha...I posted this on the OpenGL forum and the Khronos group went right to work attacking it. It's funny, because if he wasn't part of the Collada project, he wouldn't bother to try to convince everyone it was a bad idea; he just wouldn't care:
http://www.opengl.org/discussion_boards/ubbthreads.php?ubb=showflat&Number=233532#Post233532