Since I haven't gotten any bites on my post to CCK (http://drupal.org/node/704712), I've decided to work on a new module that builds on top of CCK's node-reference. It will also likely have Node Relationships as a dependency because I think that module is very useful for the related use cases.
The basic idea is that when a node-reference field is populated on a node edit form, there would be an immediate capability to label what type of relationship exists between those two nodes. This concept is somewhat based on semantic web principles but is much more lightweight. As an example, imagine you have a node with Person A and a node with Person B that are linked via node-reference. It could be valuable to know what type of relationship those two people have. Are they Friends? Coworkers? Enemies? Manager/Employee?

Comments
Rationalising Drupal modules
I wrote a comment about a related issue: using node relationships for a better handling of modules on Drupal.org. Presently, a lot of modules are unusable, deprecated… Methink we should not have to resort to DrupalModules.