I'm not suggesting a database file (creating the Rockbox database would be a second, independent feature).
Rather, a standard for a sort of features.txt that can list supported audio streams, what containers they may be in, video formats, what containers they may be in, etc. Then if you point a supporting sync program to a UMS drive that contains this file, it would know which files can be synced, and which would need transcoding, and even the "optimal" video settings, etc.
Of course, this sort of thing would be more suited for fishing around Mediamonkey and various other music management tools to see if they could agree on something, but if they ever did, there's no reason Rockbox couldn't have its own version of said file covering the new features of the hardware for use with that sort of program.