HTML5 is taking over from HTML 4.01 as the main markup language. While HTML5 is still evolving, modern browsers support most of its features. HTML5 allows embedding video and audio without plugins, brings new semantic elements like header, nav, article, and aside, and improves forms with features like placeholder text, email validation, and date/time pickers. It also removes unused elements and adds new input types. HTML5 provides a better user experience than previous standards and makes rich content and interactivity easier for developers to implement.