I agree with the substance of Ed Koch's and other comments that recommend a narrow definition for WS-Calendar use. Requirements for many areas of application are narrower than the implementation of all iCalendar functionality.
The approach of a Platform-Independent Model (in the UML model domain) and/or a restricted schema (in the XML Schema domain) would bring many uses with the narrower needs of specifying intervals, sequences, and gluons, due to the generality and apparent complexity of the information model.
The generality of the information model is highly beneficial for the requirement of expressing iCalendar functionality and expression, but is limiting for enterprise-style high performance transactions where schema validation is automated and message validity can be determined with limited custom code.
For the PIM see http://www.oasis-open.org/apps/org/workgroup/ws-calendar/download.php/41906/WS-Cal_PIM_20110419.jpg and http://www.oasis-open.org/apps/org/workgroup/ws-calendar/download.php/41909/WS-Cal_PIM_20110419.EAP.zip . For the schema restriction see notes of the TC meeting on April 22, 2011.