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This paper examines the requirements for eLearning Object Metadata, in order to appropriately support pedagogic and economic goals as well as service oriented architectures like the Grid. The standard IEEE LOM is being tested against these requirements. In conclusion, it can be said that while current eLearning practices are well supported by the standard, the main insufficiencies concern a) the adequate description of ELOs that are services and not downloadable, self-contained programs and b) the commercial trading of ELOs.