A <draw:floating-frame> element references an arbitrary document that is displayed in the rectangular area set up by the parent <draw:frame> element. It behaves like an <iframe> in HTML. In contrast, the <draw:object> element references an ODF document, that in particular may be embedded in the container document's ODF package. A <draw:object-ole> element is similar to <draw:object>, except that the embedded document need not have an ODF representation. There is indeed some overlap between the two concepts. Deprecating it in favor of an (possibly extended) <draw:object> or <draw:object-ole> element may be reasonable, but requires a harmonization of the elements. This may be something for a later version of ODF.