HTML5 is set to be the new standard for web development, introducing new structural tags, attributes, and APIs while aiming to improve accessibility and user experience. Key features include support for audio and video, forms with better input validation, offline data storage, geolocation, and the ability to create dynamic graphics with canvas and SVG. Additionally, HTML5 facilitates modern web functionalities like WebSockets and server-sent events, enhancing real-time data communication capabilities.