Think about it. Mastercoin is a competitor to Counterparty. Mastercoin is already aware of, and working on solving this storage-in-multisig problem.
Peter Todd's proposal simultaneously (a) benefits Mastercoin, (b) disadvantages Counterparty, and (c) presents a proposal that portions of the developer and mining community already find agreeable.
Thanks Jeff. This is very helpful data. I was not aware of Peter's proposal and I have emailed him and asked him to respond here. It appears that Peter is also employed by Counterparty so he may be able to share some further insights about his proposal and how Counterparty may participate and add to the interests of both the bitcoin developer and bitcoin mining communities. It's in our interest to support proposals that everyone finds agreeable.
I believe the post Jeff is referring to is this one:
[Bitcoin-development] Decentralized digital asset exchange with honest pricing and market depthHowever, anyone please correct me if that's the wrong thread?
EDIT: Peter's follow-up reply is here:
https://bitcointalk.org/index.php?topic=395761.msg5824079#msg5824079