Some of it's features,
The physics stuff sounds interesting... you can download the full specs from the link,
http://www.khronos.org/collada/
What New in COLLADA 1.4?
Core Feature Enhancements
Mesh geometry
Skinning
Morphing
Animation
Assets
Data validation
COLLADA FX
COLLADA FX is the first cross-platform standard shader and effects definition written in XML. It targets high-end systems running OpenGL Shading Language (GLSL) and Cg (HLSL coming), as well as resource-constrained systems (OpenGL ES 1.x profile). It provides:
Next generation lighting, shading and texturing
High level effects and shaders
Support for all shader models (1.x, 2.0, 3.0) under CG and GLSL profiles.
COLLADA Physics
Rigid Body Dynamics
Rag Dolls
Contraints
Collision Volumes
Enables data interchange between Ageia (Novodex), Havok, Meqon, ODE and other game physics middleware
COLLADA DOM
The soon to be released COLLADA DOM software will provide import/export API for C++ developers
The physics stuff sounds interesting... you can download the full specs from the link,
http://www.khronos.org/collada/