In February 2005 OASIS formed the SOA-RM TC (Service Oriented Architecture Reference Model Technical Committee) and assigned it the responsibility of developing an SOA Reference Model. The reference model will not be tied to any particular implementation or set of standards but will define a shared vocabulary and identify the common elements of a service oriented architecture (i.e Service, Service Description, Service Advertising, Data Model, Contract etc).
The benefits of the reference model is that it offers a guide to people developing SOAs and provides a context for discussing and comparing SOA implementations. All good things in my opinion, especially with so many companies starting enterprise-wide SOA initiatives.
It will be interesting to read what the SOA-RM technical committee has to say about Web Services, since they are core to most SOA discussions. Personally, I would like them to address Web Services in the context of the WSDL, REST, SOAP, XML and WS-*, but this may be out of scope for the reference model.
There is a presentation about the group and its charter.