The W3C is a pay-to-play cartel that increasingly gets nothing done. Open source developers can’t even participate, as a rule. It also has an IPR policy that’s just as crap as everything else we’re trying not to emulate. So, not a realistic alternative.
The IETF is much better, but its main problem is that it has no IPR policy at all, other than “tell us what you know”. In practice this often works out OK, but there have been some notable instances where the outcome was pretty amazingly ungood, such as RSA’s stranglehold over SSL and TLS for years – a position Certicom are now trying to emulate with ECC, also via the IETF.
A more minor objection to the IETF that I hope the OWF will solve similarly to the ASF is that it is actually too inclusive. Anyone is allowed to join a working group and have as much say as anyone else. This means that any fool with time on their hands can completely derail the process for as long as they feel like. In my view, a functional specification working group should give more weight to those that are actually going to implement the specification and those who have a track record of actually being useful, much as the ASF pays more attention to contributors, committers and members, in that order.