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It could improve existing web office applications that store data by uses the "Web Storage". Coding social networking sites could be easier with SQL Databases and Web Workers to load different parts of the page. Also support for Notifications. Online Photo Editors could use Drag and Drop. These are just some ideas of how to use the new features of HTML 5 ...
There are probably 5 most talked about features Web workers - allows developers to run scripts in background work so a web application can do more than one thing at a time. Video tag - An easy way to do flash free video online, we just need a standard codec Canvas - Exactly what it sounds like, a way to create an image on the fly within the browser window ...
My three favorites are CSS3, Canvas and WebSockets. Combined they can provide really powerful collaboration features to any webapp. WebSockets would replace pseudo-realtime messaging with ajax polling. The few things I see it used so far is web-based chat (lame) and mind mapping webapp (looks really cool when two people are mapping some project).
HTML5's abilities are mainly replacing what Flash does, with the canvas and video tags making videos, games and online image editors much easier to do without Flash. While this may not seem like a big-improvement, Flash is a much bigger problem on non-Windows platforms than Windows.
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