Robert Sanderson, Paolo Ciccarese, and Herbert Van de Sompel have self-archived "Designing the W3C Open Annotation Data Model" in arXiv.org.
Here's an excerpt:
The Open Annotation Core Data Model specifies an interoperable framework for creating associations between related resources, called annotations, using a methodology that conforms to the Architecture of the World Wide Web. Open Annotations can easily be shared between platforms, with sufficient richness of expression to satisfy complex requirements while remaining simple enough to also allow for the most common use cases, such as attaching a piece of text to a single web resource. This paper presents the W3C Open Annotation Community Group specification and the rationale behind the scoping and technical decisions that were made. It also motivates interoperable Annotations via use cases, and provides a brief analysis of the advantages over previous specifications.