What is missing?

The W3C Web Annotation protocol is a bare-bones protocol. You can:

Search

No.

Free-text? Target? Creator? Specific Resource? No.

Authentication

No.

User Groups

No.

Granularity of access

No.

Statistics

No.

Annotation History

No.

Structured data as annotation bodies?

Only if serialised/stringified. The W3C Web Annotation Model does not support Named Graphs.