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GIMP is gearing up for a massive upgrade
(www.gimp.org)
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No, they are both not really suitable for that. But I don't see where the link in the OP implies they plan to store binary image data in XML, they're probably going to store that in a binary format and use XML to describe relationships and other metadata.
@schnurrito @thingsiplay Yes, the XML is for file structure descriptions not binary data.
The GEGL buffers we use for image data in GIMP can be synced across files, so this new format will allow us to quickly auto-save the image/layer/etc to file as you make edits. Still in-progress work, but it's really cool.