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The only 'XML'-like format I can come up with with with regards to ebooks is Tex I think. Although in theory XML can give you much more control over the semantics, it does nothing for you with regards to presentation. You *will* need to convert it to something else or use a stylesheet for it. So, in the end it will give you the same issues as XHTML as you see it. Sure, the Dublin Core is seriously lacking in several metadata areas. Then again, I would already be very happy if publishers would use the metadata options there already are and in a consistent manner.
Using XML for an eBook with full semantics can only be achieved with a strict schema that must be used. Considering the issues there are with ePUB already due to compromises (and listening to wrong companies), no publisher will go for that.
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