It was about time to see some movement on that side. As we notice all the Java Script libraries to evolve few days ago it was published new public draft of HTML 5 as well as a document describing the differences from HTML 4.
Here is an abstract:
This specification defines the 5th major revision of the core language of the World Wide Web, HTML. In this version, new features are introduced to help Web application authors, new elements are introduced based on research into prevailing authoring practices, and special attention has been given to defining clear conformance criteria for user agents in an effort to improve interoperability.
As well as the other abstract:
HTML 5 defines the fifth major revision of the core language of the World Wide Web, HTML. “HTML 5 differences from HTML 4” describes the differences between HTML 4 and HTML 5 and provides some of the rationale for the changes. This document may not provide accurate information as the HTML 5 specification is still actively in development. When in doubt, always check the HTML 5 specification itself.
It is interesting to read all these new tags comming up as well as all these that will be left. For example all font, center, applet will be left behind as all these can be easily be written with styles.