Edit: Yes, I'm being sarcastic. Every single submission that shows off something done in flash has a bunch ridiculous posts claiming you can do the same in HTML5. I thought I'd save them the trouble.
Anyway. Modern browsers with canvas, svg, webgl etc. are trying to develop what I think is essentially poor man's virtual machine. It's basically concept that Java Applets and Flash pioneered long ago. Except they didn't get implementation exactly right. This whole “Flash sux. HTML5 rox” hype is very short-sighted. Current implementations (except video) are slower than Flash (esp. on Windows) if even existent. And what do you think will happen in few years? If we're lucky we might have fast and reliable implementation of a decade old idea. The fact is that innovation doesn't come from standard bodies. In few years, we'll face this same exact situation, when attempting to use some new technology in our webapps, might it be 3D screens or thought-controlling or speech recognition, yet again to face lack of API or its 3 different implementations.
So what new does HTML5 bring to the table? Just recycling the same old idea, hoping to get it right this time.
I hope we'll have a decent and fast open implementation of Flash, or maybe Silverlight will get better traction, so that we'll be ready when everybody realize that this was just silly.
Are they planning on releasing this engine to others? I'm asking because I'd really like to use it to make a WebGL bridge for browsers that are failing to implement it.