Only a matter of time before a somebody goes to the '2.0' meme in describing the Kantara Initiative. The 'Yet Another' meme is already being worked to death. Think of the title as a pre-emptive strike.
Of course, the fact that KI has already attracted the likes of ICF, DataPortability, XDI, and ISOC, with strong (publicly declared) interest from OpenID Japan and VRM's VPI will be brushed aside - can't let facts interfere with a good rant (or was it a rave or musing, it's so hard to tell).
I don't know if KI will succeed. I do know that its formation is just the last in a series of attempts by one identity community to establish mutually beneficial relationships with others. From where I sit I can think of precious few examples where the reverse happened.