HTML5 is the latest evolution of the HTML standard and includes new elements, JavaScript APIs, and CSS features. It allows building richer web applications that work across browsers and devices without needing plugins like Flash. While support for HTML5 features is improving, the specification continues to evolve and not all browsers fully support all parts of HTML5 yet. Developing with HTML5 requires considering cross-browser compatibility and supporting different content formats. Overall, HTML5 provides opportunities for building richer applications on the web and on mobile, but full standardization and implementation is still ongoing.