Yes, it’s finally coming. The last official release of HTML was in 1999 (yes, you read that right, 10 years ago) at version 4.01. At long last, the W3C* is almost finished with the specifications for a new version. Pay attention, because it’s a doozy of a revision!
What will HTML5 do that old HTML can’t?
Mostly what HTML5 will do (and this is really in the future and will not happen entirely upon release) is reduce the need for proprietary software plugins. Silverlight? Flash? Java? Don’t worry, the browser will figure it out.
New elements are being introduced to make markup more semantic, such as
New APIs (Application Programming Interfaces) that will enable drag-and-drop, offline storage , timed media playback and more.
New form controls and elements to handle dates, times, emails and more.