Interesting IBM developer works article:
Standards and specs: Early adopters
Follow the pitfalls and perks that come from adopting a standard before it becomes one
This is a rather hardware focused standards article, but there are some valid lessons to be gained.
Remember that standardization is about interoperability first and foremost. If competitiveness between prospective partners in a standardization effort sinks the standard, everybody loses.
Which is why open standards are so important. There is a great difference between industry standards and open standards. Industry standards are lead by companies who form loose partnerships with eachother when developing new product lines with the desire for interoperability. Open standards are those lead by independent standards bodies, usually with open participation and vendor independence. This doesn't mean that open standards sometimes don't suffer the results of vendor competition, if they are implemented inconsistently (thus breaking the standard for advantage).
Anyway, good article. I attempted once, to explain the difference between Open Standards and Open Source, which may provide some relevant background to this topic.

