I'm getting tired of waiting for the full draft of RDA, so I'm going to ramble...
If you count the first draft of AACR3 (and I do) the arrival of the full RDA draft is four years in the making. The first draft of AACR3 (the original title of the new cataloging code) was issued in December 2004.
I recently commented to an AUTOCAT list friend that I'm a little more positive about RDA than some: I see it as a work in progress--Imperfect out of the gate, but redeemable. I haven't hesitated to be critical of RDA development on this blog. (You can snoop around the blog for old posts on RDA, if you like.) But, right now doing metadata work, I feel like I'm in no man's land without a code. I'm sure for some metadata librarians AACR2 works okay, but metadata work is idiosyncratic and for our metadata workflow, I don't use AACR2 much, except as a foundation.
I think AACR2 is a great code, but it doesn't work for the XML data structures I'm working with now. At least parts of it don't work. For example, ISBD punctuation is superfluous and unnecessary for data presentation.
I need a new code. And I'm hoping that RDA will develop into the kind of code we all need for working with digital collections (and print collections also).
I know some of you think RDA is a turkey, but I'm still hopeful.