I think README should be an overview of the repository as is the standard/best practice on Github. And the specification should be in a file named OmniSpecification or something similar.
One reason for doing this is that as we clean up the specification, we're very likely to split it into multiple documents and the README can serve as an index that "points to" those documents.
@CraigSellars @achamely @marvgmail @dexX7 Thoughts?