HTML5 hasn’t been given the status of standard yet but it is feature complete now thereby giving developers a stable target to develop their web applications. The W3C while making the announcement said "HTML5 is the cornerstone of the Open Web Platform” and that it provides an environment where cross-platform applications can be developed which can utilize all of a device’s capabilities like videos, animations, graphics and typography.
The HTML5 specifications still have a long way to go before they hit the Recommendation status. HTML5 will have to go through a round of testing that looks specifically into interoperability and performance following which it will be given a Candidate Recommendation title. This will involve development of software which browser vendors can test.
The W3C announced, “During this stage, the W3C HTML Working Group will conduct a variety of activities to ensure that the specifications may be implemented compatibly across browsers, authoring tools, email clients, servers, content management systems, and other Web tools.”
Companies like Facebook, Microsoft, Zynga all have spoken in tandem about the HTML5 specification announcement and have congratulated W3C for the milestone. The consortium took this opportunity to announce the first draft of HTML 5.1 and Canvas 2D, Level 2.