Anyone looked at the OWL standard from W3C?

I'm having a taxonomy/ontology discussion in the project I'm involved with. I was suggesting we build our own XML structure and someone suggested to have a look at OWL.

To me it looks like OWL has extended RDF into something very complex, and it would probably take quite a while just to define all the OWL "classes" we would need. I'd like to know if anyone has had a look at OWL to see if it's useful. What we need to describe are primarily things like organisation, location and similar items.