OK, I know some of you aren't taking this seriously, and I can see why, but I have found some more details and it starts to make sense.
It;'s all about rationalising the supply of non-precision sized materials in fractional sizes. So 1" PGMS or Silver steel will still be 1.000" and 25.4mm (within whatever tolerance you want to pay for)
The tolerance bands will be shifted for fractional sizes of things like BDMS, aluminium extrusions and so on (ref. the recent discussion on how big the tolerance bands are fro drawn alloy tubes). In these cases the 'metrinch' will be used (i.e. 25.6mm rather than 25.4mm) and the 'official size' of fractional stock will be 1.0078% larger.
This means all fractional stock down to 1/256 of an inch (in practice little is produced below 1/32" steps) will translate to exact sizes to 0.1 of a mm. These sizes are already within existing tolerance bands for nearly all products affected. For example a 3/8" bar will 'officially' be exactly 9.60mm rather than 9.525.
This will greatly simplify the design process for any projects using mixed imperial and metric stock (i.e. you can specify standard metric size tooling (available in 0.1mm steps) for any task using non-precision imperial stock.
The rumour is that this is actually Brussels running up the white flag and accepting that the imperial system is here to stay and that, in some parts of industry (those dealing with the USA, at least) some aspects of metrication may be rolled back.
In practice, it will have little more impact than the fact that number drills are now actually made to metric, not imperial, dimensions.
Neil