The Drupal 7 Commerce Initiative is a coordinated effort of developers in the Drupal / Ubercart community to plan future of Drupal 7 based e-commerce. Our immediate goal is to develop a specification that will guide our development efforts and empower more developers to make meaningful contributions. In a word, we're bringing intentionality to a development process that has been spontaneous and reactionary.
The projected outcome will be a new Drupal Commerce module package with a coordinating installation profile or Features module for Drupal 7 that will make setting up an awesome e-commerce site a snap!