XML, JSON, INI.
They all have their strengths and weaknesses.
In an application context, I feel that the abstraction layer is the important thing.
If you can choose a way to structure the data that is a good middle ground between human readability and how you want to access/abstract the data in code, you're golden.
We mostly use XML where I work, and I cant really believe that a configuration file loaded into a cache as objects when first read or after it has been written to, and then abstracted away from the rest of the program, really is that much of a hit on neither CPU nor disk space.
And it is pretty readable too, as long as you structure the file right.
And all languages on all platforms supports XML through some pretty common libraries.