HTML5 first Working Draft is up, and its incredibly pragmatic, as in taking stuff that everyone does using javascript libraries and browser plugins, and pushing it into the standard.

More semantics: nav, header, footer, section, dialog tags and more.
Less presentation: getting rid of legacy elements like font, big, center and other tags. Use the CSS! Framesets are gone too.
Cool stuff you always wanted to be there: <input type="email" autofocus="true" />, support for audio/video and canvas drawing, drag and drop.

For shorter reading,  HTML 5 differences from HTML 4.

Now all we have to do is wait till IE9* becomes the oldest browser around. That'll be soon, right? Lets stay hopeful.

* unless it takes years to get to further working drafts and recommendation. Or Microsoft decides HTML5 is against its interests. Or..