They both server the same purpose: providing a vocabulary for semantic markup. Schema is recognized and standardized... but microformats are open.

Schema exploits microdata, while microformats go on classes. (Of note: microdata means that an element must be of a single itemtype, while microformats allow several classes to apply to the same element. I can markup xFolk+hAtom with classes, but not with microdata.)

Is this a black-and-white situation? Google says I can't use both "because it may confuse the parser".

What's the consensus on these?