The long awaited HTML5 draft is out. I had a quick look at it looks to be more of depreciating old things than anything else.
Some absent tags of note: center, u, strike, frame, frameset, and noframes (frames are removed due to accessability issues…. and they were always a pain to work with too)
A lot of other attributes have been removed that are now handled (and handled better) by CSS. Some of these are things like bgcolor, align, valign, background, cellpadding, and cellspacing to note a few.
A lot of the new stuff revolves around media. There is the addition of a videa and audio for media files. As well there has been a 2D drawing API added too which is pretty vague but may allow users to draw onto the page. There are lots of other APIs added as well but details are not outlined yet.
The working draft can be found here: http://www.w3.org/TR/2008/WD-html5-diff-20080122/