What will happen to JPEG XR? This seems like a decent upgrade to JPEG. About the only thing that would get me to shoot RAW is higher bit-depth. The other benefits are minor, IMO, and RAW comes with some huge negatives (for me): large file sizes, slow workflow, proprietary (and transient) formats, etc.
The big question is whether Microsoft will try to enforce patents (and/or royalties) on it. That will doom it to failure from the start.