Importance of Micro Formats

[blitzna10]

Hi All (this is my first Q, so I hope it is a reasonable one!).

Ive just started looking into Micro Formats and, so far my understanding of them is a little bit limited. So....

1. Is there SEO benefit in using these? 
2. What is an appropriate use for them?

Our website has a reasonable business directory on it (which is there for SEO purposes ultimately) - so am I correct in thinking that it would be prudent to use Micro Formats for all their contact details etc?

I guess Im just not 100% sure on how and when to use them.. and what the real benefit is. But, I would love to know..

Thanks heaps!

[JoeAmadon]

The biggest benefit you'll see with the implementation of micro formats is an increase in CTR.

As for a rankings boost, there isn't anything solid to support it, but it is very possible that search engines already use this as a ranking factor. I believe Rand has indicated that micro formats could be used as a "brand signal" and Best Buy indicated significant rankings improvement after that implemented GoodRelations markup (ecommerce RDFa).

[Hallam]

Yes, it definitely is worth learning more about and implementing MicroFormats, particularly with your directory application.

They certainly will have an impact on how users interact with your directory, for example if you included review information.

The major search engines have created an alliance (schema.org.) in order set standards and to enhance their search results, however there isn't evidence that it will be influencing rankings.

Could it influence rankings in the future?  Very likely in my opinion, and if you start now then you'll be on board.

Of course there are lots of different MicroFormats for you to consider that could be appropriate for your directory:  geotagging, contact info, authoriship, review info...