Read this – OWL 2: The Next Step for OWL

Bernardo Cuenca Grau, Ian Horrocks, Boris Motik, Bijan Parsia, Peter Patel-Schneider, and Ulrike Sattler. OWL 2: The next step for OWL. J. of Web Semantics, 2008.
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Abstract:
Since achieving W3C recommendation status in 2004, the Web Ontology Language (OWL) has been successfully applied to many problems in computer science. Practical experience with OWL has been quite positive in general; however, it has also revealed room for improvement in several areas. We systematically analyze the identified short-comings of OWL, such as expressivity issues, problems with its syntaxes, and deficiencies in the definition of OWL species. Furthermore, we present an overview of OWL 2—an extension to and revision of OWL that is currently being developed within the W3C OWL Working Group. Many aspects of OWL have been thoroughly reengineered in OWL 2, thus producing a robust platform for future development of the language.