Recently there was a bit of interesting news around a MARBI Discussion Paper 2008-DP04 regarding semweb technologies at LC.
Related to this work are RDF/OWL representations and models for MODS and MARC, which we are also developing. Several representations of MODS in RDF/OWL, such as the one from the SIMILE project, have been made available as part of various projects and we have found they useful for our analysis and to inform our design process. We want to bring them together into one easily downloaded and maintained RDF/OWL file for use in community experimentation with RDF applications. Our time line is to have the MODS RDF ready for community comment by June.