I just found out that there’s a public call for comments on the draft of AES57, “Audio object structures for preservation and restoration.” I’d been aware of the draft for some time and have been involved in the discussion, but hadn’t pointed at it because I wasn’t aware of any publicly available mention by AES.
There’s also a call for comments on the related AES60.

MADS activity
May 10, 2011 — Gary McGathThere’s quite a bit of activity currently happening on MADS (Metadata Authority Description Schema), not to be confused with MODS. The basic idea of MADS is to represent MARC information in XML format. There’s currently a MADS 2.0 draft schema out for discussion.
There’s also a MARCXML schema and a MARC to MODS mapping. If you want to understand the shades of difference of purpose in these different mappings, you’ll have to ask a metadata specialist, such as my colleague Robin Wendler. I’m just a software developer who works for a library.