Section 7.3; example should show "Partner" attribute. This is true in other examples as well.
Section 7.3.3, Nullable attribute. Should this be required to be false for collection valued navigation properties? I.e., the collection must exist, even if it is empty.
Section 7.3.5, If a navigation property navigates between entity types in the same entityset, it's not true containment. Containment is when each parent conceptually defines a separate entityset for its contained children.
Section 11.3, I don't know that I would specify multiple navigationpropertybindings for the same navigation property; there's not much value. If there may be more than one I would just omit it.
Section 11.4, edm:Entity Element. Does it make sense to support inheritance here, or should we say the property must be of the specified type? I suppose it's fine to make it derived, so the same model could be used to represent different schemas, some that use derived types, I just hadn't really thought about the case before.
Need to update core part I in two places; Section 3, Data Model talks about "association types" as being structural types, and section 10.4.1.1, "Entity Set Path Expressions" talks about deducing entitysets by backing association sets (needs to be updated to describe navigationpropertybindings).
The 2012-11-16 version of the document proposes four forms of stating the entity set. This is inconsistent with type usage, which always has to be consistently qualified with the schema namespace or alias name.
I suggest to simplify NavigationPropertyBinding to always require qualified names of the form
<NavigationPropertyBinding EntitySet="SchemaNamespaceOrAlias.Container.Set" .../>
i.e. with at least three name segments.