When I read articles like this, I always think that I'm missing something really fundamental. Like, they can't be really talking about machine to machine unrestricted. What they really mean is something way more confined, with much tighter boundaries, that what I'm dreaming up here.
There are a gazillion different machine to machine interface standards already out there. All different types, over a bunch of different media, operating at any of the familiar ISO layers (or any other protocol layering scheme you care to invent).
I must be missing something. Sounds a bit like wanting to create a global cuisine initiative, to create one unified standard for cooking food.
"Common global standard" is elusive Holy Grail. I saw many "standards" such as RPC, Java(Jini), UPnP then SOAP/WSD were proposed but none of them could actually be "the one". I can't be much enthusiastic about this new M2M standard, but interesting to see where it goes.