HTML5 isn’t all about new elements, it’s also about new APIs which can be of great use to web applications. Canvas, local storage, and mutable DOM prototypes are among these.
While Adobe, Microsoft, and Sun Microsystems (soon to be Oracle) duke it out with their own technologies to implement multimedia on the Web, HTML 5 has the potential to eat these vendors’ lunches, offering Web experiences based on an industry standard.
I think this is still a long way off, but we can always be hopeful.