JSON Format - easy to read and use, used everywhere else in Minecraft.
Full NBT support. Throw any NBT tags on your items.
OreDictionary support. Use ANY copper for your recipe.
Aliases system. You can easily link back to some item(like renamed enchanted and damaged golden sword) by short and simple string. Same for fluids and recipe types(BuildCraft|Core-refinery => refinery, etc)
Nice and easy API for modders to use.
Coming Soon:
Some of the big mods support(Like IC2, BuildCraft, etc).
Recipes loaded from resource packs.
Some kind of nice JSON editor, probably in-game one.
Disadvantages:
My version is still pretty raw, bugs can be found.
Not everybody can properly understand how to use JSON.
