Yes, it’s true! Google, Yahoo, & Bing are coming together to introduce Schema.org which will aim to scale the web and deliver better search results to the end users.
According to the Director of Bing (Microsoft Search), Stefan Weitz, the amount of data that is transferred in every two days is equivalent to the memory capacity of every United States man women and child having a Windows 7 cell phone. What does this mean? The web, particularly search engines are having a hard time keeping up with the data that’s being transferred thus producing less quality results. The data on Facebook, Twitter, and other social networks is overwhelming and schema.org is a way for webmasters to help the engines in their quest for the best search results.

Joe Chura of Launch, Stefan Weitz- Director of Bing Search & Matthew Cole of Launch
Schema.org will help identify objects related to search with descriptions that really describe what the object is and it’s characteristics. While many of these objects do have characteristics such as descriptions and so forth, it is very hard for the engines to recognize them. Schema allows mark-up (code) which will allow webmasters to provide a better explanation of products and/or services. For example, a red stapler which has a color, weight, shape, dimension and capacity, will now be have the ability to be properly defined and better recognized when searched for it’s specific characteristics.
What does this mean to you? Unless your a webmaster or website development company, it doesn’t mean too much at this point. However, you will begin to see better search results by all of the major search engines. This process will definitely not be overnight. To rewrite, or write this mark-up will require some labor intensive hours. However, this is very similar to when the engines rolled out sitemap recommendations and canonical tagging. It was there way of saying, “Hey we need help here!”
As Zig Ziglar famously stated, “You are likely to get what you want, when you help others get what they want”. Google, Bing, and Yahoo want help. As a result the websites that provide help will benefit from higher and better ranking results.