hCard is a simple, open microformat standard, suitable for embedding in HTML. Technically it's a 1:1 representation of the popular vCard format for electronic business cards. It resembles the properties and values of the vCard format through elements of HTML.
An address, which has the following markup using the HTML address tag
<address>
Max Mustermann
Musterstraße 10
1010 Wien
0664/333666
</address>
would have the following markup in hCard
<div id="hcard-max-mustermann" class="vcard">
<span class="fn">max mustermann</span>
<div class="adr">
<div class="street-address">Musterstraße 10</div>
<span class="postal-code">1010</span> <span class="locality">Wien</span>
</div>
<div class="tel">0664/666333</div>
</div>
This still is plain old HTML, but provides much more semantic details through all the class annotations. hCard pretty much looks like the way to go for now, this is also supported by the fact that Google Maps is using it for the annotation of addresses.
Much more details on hCard can be found at http://microformats.org/wiki/hcard.