Only in the sense of "metadata you get for free."
It's perfectly reasonable for, say, a CMS to semantically mark up when an article was posted. That's free. The server knows the date, so why not? It's not hurting anyone. Similarly, a camera with a GPS chip could easily add LAT/LONG EXIF metadata to every photo, except for the power, that's free too. You could use that to answer queries like "give me all photos taken in Laos in the past year", for example. Nothing wrong with that.
Where it breaks down is that there isn't enough free metadata to make the semantic web worthwhile. It relies on people actually saying "This is an address I'm typing right now... this is the street component of the address... This is the City..." It's ridiculous. Certainly, there'll be special purpose applications making use of free metadata in the future, but the whole web being semantic will never happen.