The first major update to HTML in 10 years. HTML 4 was back in December 1997. I am really looking forward to this update.
HTML 5 is designed to reflect this, with APIs for drawing two-dimensional graphics, embedding and controlling multimedia, managing client-side data storage and editing parts of documents. Turning to more bread-and-butter stuff, HTML 5 will also make it easier to represent familiar page elements.
HTML 5 is designed to inject more consistency into the ways vendors and end users have gone about building today’s generation of sites. According to the W3C, HTML 5 will: “Improve interoperability and reduce software costs by giving precise rules not only about how to handle all correct HTML documents but also how to recover errors.”
Source: Major HTML update unveiled
And now for the juicy part, here are some new elements that will be available:
Full List: HTML 5 Differences From HTML 4