I have never even heard of this until your post.  (So that should answer your question) I went to the site and checked it out and wanted to add that although it doesn't seem like a bad thing I don't see us adapting to standards of an organization that, until now, I never heard of.

do it do it do it do it! :D

IPTC is the only standard worth supporting in this regard. All text info for the gallery image should be lifted from IPTC fields. You'd need only provide support for editing Creator, Description and Keywords (any others?) online and leave the remaining  fields for offline editors to fill in. Then provide tick-boxes for displaying/not displaying all IPTC fields individually in the module at each level; thumbnail, full size etc. That would be just brilliant.

Regards,
Rob