I found the answer on the official W3C HTML5 draft:
The type attribute gives the MIME type of the linked resource. It is
purely advisory. The value must be a valid MIME type.
For external resource links, the type attribute is used as a hint to
user agents so that they can avoid fetching resources they do not
support. If the attribute is present, then the user agent must assume
that the resource is of the given type (even if that is not a valid
MIME type, e.g. the empty string). If the attribute is omitted, but
the external resource link type has a default type defined, then the
user agent must assume that the resource is of that type. (...)
User agents must not consider the type attribute authoritative — upon
fetching the resource, user agents must not use the type attribute to
determine its actual type. Only the actual type (...).
The stylesheet link type defines rules for processing the resource's
Content-Type metadata. (...)
If a document contains style sheet links labeled as follows:
<link rel="stylesheet" href="A" type="text/plain">
<link rel="stylesheet" href="B" type="text/css">
<link rel="stylesheet" href="C">
...then a compliant UA that supported only CSS style sheets would
fetch the B and C files, and skip the A file (since text/plain is not
the MIME type for CSS style sheets).
For files B and C, it would then check the actual types returned by
the server. For those that are sent as text/css, it would apply the
styles, but for those labeled as text/plain, or any other type, it
would not.
If one of the two files was returned without a Content-Type metadata,
or with a syntactically incorrect type like Content-Type: "null", then
the default type for stylesheet links would kick in. Since that
default type is text/css, the style sheet would nonetheless be
applied.
For the <style>
attribute, the same document states:
The type attribute gives the styling language. If the attribute is
present, its value must be a valid MIME type that designates a styling
language. The charset parameter must not be specified. The default
value for the type attribute, which is used if the attribute is
absent, is "text/css". [RFC2318]