The minute they mention MPEG, I already know whats going to happen - Licensing. Spoken by a dev that didn't incorporate video, due to licensing, not technical reasons. The open bit is just the draw.
See my post above. ORBX schema and formats submitted to mpeg must be usable by anyone and everywhere with only an MIT license (same as lua which we use script nodes in the graph). I was told this is fine, but that they need it as a tier 1 MPEG license (their equivalent as I understand it).
I may sound like a skeptic, but I am fairly sure that if MPEG have an interest in this, it is in order to license it.
If not now, then later. In my opinion, this would be MPEG getting their teeth into a new tech, in order to either license it now, or wait until it has traction and then license it.