I started to volunteer on this project in September 2005. It is my first time participating to the development of a PMI Standard and must say it is quite challenging! As it is a purely virtual project team, most people do not know each other personally and it is difficult to get the full picture of the project taking into account the time volunteers can make available for this endeavor. Moreover as the project is quite long (over 3 years) people come and go and the learning curve is significant so that the productivity is not optimum. That being said it is interesting and rewarding to participate to the development of a global standard.
OPM3 stands for Organizational Project Management Maturity Model. It provides a framework for assessing the maturity of the organization in terms of project management and identifies best practices to implement to increase the maturity. Best practices are made of capabilities leading to outcomes which are measured by KPIs. Many best practices are based on the processes defined in the different PMI standards (portfolio, program, project). The capabilities provide a path to best practices.
The concept is good and helps you focus on areas that need improvement. Unfortunately this tool does not really tell you how to implement effective processes. Same goes for the different standards.