Creating an IETF-ready specification would be a waste of time. The simple Bitcoin network used now is not what will be used in the future. Like Usenet or IP+BGP, different protocols will be used for generator-to-generator and generator-to-client connections. None of this is implemented yet, and no one knows how it will behave.
Bitcoin is incomplete. Getting the message format is easy compared to figuring out what something like this is supposed to mean:
I suppose it is my time to waste getting such an effort done. The issue here is that the protocol is the network. I know that some software developers hate to be hamstrung with a formal spec that they must work from, under the presumption that perhaps too much planning in advance will straight jacket their ability to code.
My own personal experience is considerably different, where the time spent in planning and documenting ahead of time is time very much worth the effort and makes the job of any sort of coding considerably easier. It also tends to make for much, much cleaner software that is easier to maintain, easier to extend, and as an indirect result less dependent upon a single person to make all of the decisions.
This is essentially the difference between a mere computer programmer and a real software engineer too. A programmer is somebody who pulls out the compiler/editor to figure out how to get a project working, where a software engineer starts with a word processor. That coding needs to happen eventually is true, but setting out a roadmap for how the project is to be developed is usually a good start.
We could debate and discuss various models used for software development here too, but by its very nature Bitcoins is something that deserves to have some significant effort at bringing eyeballs into its development, and the more eyeballs that we have the better that the network will behave. At the moment it is just a minor amount of money involved, but it soon may represent some significant economic activity. To me, this deserves some solid software engineering principles which includes documenting the effort going on here.
I'm not expecting anybody to necessarily participate in this effort, but it seems strange that there is resistance to even start such an effort and potentially thwarting such an effort. If Bitcoins is incomplete, let's make it more complete. If there are gaps, those gaps need to be filled.