A ping in lieu of a comment.
If the scope was just that of the syndication serialization syntax, then I'd agree with you and Tim Bray - no (re)invention. But even within the scope of the syntax I don't think this means we can't improve (on) RSS, an idea which Tim seems to disparage. I don't think creativity's out of the question either - I thought the Dublin Core based approach was wonderfully creative. Unfortunately there seems to be nearly as much bad mythology associated with DC as there is with RDF, so I can't see this (excellent) idea happening in the current climate.
But the scope of the project does (and should) include the related APIs - successors for the Blogger API etc (which do need fixing because of XML-RPC's lack of international support).
I don't think it makes sense to consider these parts entirely in isolation if they are intended to work together. It's still not about inventing anything entirely new, just engineering without prejudice.