"Would it help our sites rank better if properly implemented?"

I have been wondering the same, basically the scheme is a collaboration and founded by the three major search engines (GYB) and allows a website to mark up content of a webpage with useful meaning that is beneficial to their algorithms.

So for an ebook, one could markup its image with an author, publisher, genre and other data. One can also markup people, places, events and other creative works. This meta data would not be visible to the visitor but the search engine would love to see it and would possibly reward for its existence. From what I read, I think that the SERPS would show the page in a "prettier" manner, which has to be a good thing.

As for WP plugins, I am not sure how a plugin would determine such meta information, it will be interesting to see if someone comes up with a plugin.

yes...need a plug in... especially one that could prefetch , relevant , logical meta data from documents or online databases (movies for example) to fill it in and create the relevant micro meta data.

Because I sure can't be asked to do it for every single bit of documents or pages in my many webpages...Some kind of automation or semi automation is needed....