I think all of you have missed an important point. Sure, purists like me use microformats all the time, and you're right when you say it's going to take more than that.
You're missing the advantage for the business people. It isn't just going to be the standardists that will care. As web developers, it's our job to explain the technology, why it matters, and more importantly, how they can benefit from it. "Get ahead of your competition by using semantic information, start future-proofing your web site."
I recently built a website for a client, filled with microformats. Advantage? I cut down on development time because I could re-use CSS from previous jobs, pretty much just copy-and-paste. I used hCards to markup people's contact info, and as a result I could create a simple link to Technorati's hCard conversion service. It means I'm maintaining one copy of the data (instead of creating an XML format too), and I can add extra functionality with no extra effort. Google now use microformats to add location addresses to it's search results. For a small-to-medium business, this is great!
Also, Standardists will typically keep things semantic anyway, so you're not really asking them to change their methods, just giving them a nice easy format to markup their format.
Businesses will adopt the technology, especially if us web developers explain to them the advantages. Plus, they get to use a whole bunch of nifty buzzwords at the next big meeting.