IFC, or industry Foundation Classes, is a standard, some would say the primary standard, for openBIM data exchange. Find more information at: bimconnect.org... (produced by storycrow Filmproduktion Schweiz storycrow.ch)
I like the comparison of IFC with PDF but PDF means Portable Document File -- By Portable PDF is produced with compression, generating lighter (more portable) files. My experience exporting/importing IFC is that the .ifc files tend to become heavier in data sise. I hope that changes soon.
Okay, but what is the value of IFC, if you can't edit it? Isn't the whole point of BIM finding one standard, where everybody agrees on and then you build the tools so that you can work with this standard? To me all of the IFC stuff sounds kind of useless. Maybe for visualisation it can be helpful, but for work - it is kinda useless...