Well after all that I thought why not create a plain text format which is inspired from the md2 key frames idea.. but with all the limitations of having predefined number of frames for a certain animation etc.. removed. Plain text formats could be really bad for big models.. but when you are targeting low end systems or handhelds im' pretty sure.. it will work out pretty well.
I've got the exporter ready for blender. I even created a small demo of how to load the model and render it. Pretty simple and easy to follow code.. in plain simple c. Python would have been better i guess but wanted to stick with c, c++.. Ill' probably create a library for the helper functions that load and draw the models but for now its' just one demo.
Will probably start working on creating a simple game with this new found/implemented animation format :D.. until then.. you might want to look at the demo.