Okay, you invent your own format and parse the data using a home-grown parser. What happens when you want to send this data to a third-party client? Since this is a nonstandard format, you will also have to send them the parser, the document structure and all the other repertoire in order for them to make sense out of this data. What happens if you change the format, say after one year? See where I'm going?
If you use XML instead of the flat file, you can be rest assured that everyone else who is XML-aware can readily accept and process your file.
Having said that, I can tell you a number of drawbacks with the text format that you are using. For example, it is quite hard to represent hierarchically organized data. Even harder to represent relations between them. If you decide to find your way around these limitations, you may on your way trying to reinvent the XML
------------------
Ajith Kallambella M. Sun Certified Programmer for the Java�2 Platform.
IBM Certified Developer - XML and Related Technologies, V1.