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HTML 5 is going to bring to the browser many things that are very exciting. The evolution of the web is constantly changing and bringing new capabilities and technologies to browsers. HTML 5 is one of those technologies. With HTML 5 we will have more flexibility and interoperability, and it will enable more interactive and exciting websites and applications. Google has even mentioned that they may scrap Google Gears for HTML 5.
Some of the new aspects to the new standard are: canvas/SVG, video, geolocation, app cache & database, and web workers. All of these new aspects are built right into the browser making application writing much easier and quicker.
The video below covers the different aspects of HTML5 and breaks each one down. After that check out the Mozilla App Bespin below the video.