The W3C have announced that the OWL Working Group has been reformed to work on OWL 1.1: "adding a small set of extensions and defining profiles identified by users and tool implementers". This is following a submission request back in December 2006. 
The first co-chair is Ian Horrocks, Professor of Computing Science at Oxfor University, who worked on the previous WebOntology group, was involved with OIL and DAML+OIL, and also worked on FaCT and FaCT++ - an open source, C++ reasoning engine. He also won the BCS Roger Needham Award. 
The second co-chair is Alan Ruttenberg from Creative Commons' Science Commons project. He's involved in a number of biological ontology projects including BioPAX, OBI and BFO, as well as the W3C's Semantic Web Health Care and Life Sciences Interest Group (HCLSIG). 
The staff contact for the OWL Working Group is Sandro Hawke. 
The deliverables and charter have not changed substantailly since the group was proposed recently. This includes making disjoint unions easier, extending OWL to cover qualified cardinality restrictions and property chain inclusion axioms. There is also planned support for XML Schema datatypes, which seems like a good idea to me. 
I look forward to seeing the results of the OWL WG's work. 