The HTML 5 specification is preparing for Last Call Working Draft status. The W3C has asked for final comments and critiques on whether or not the specification should be deemed "Last Call." a status which is penultimate to finalized, ratified, non-working draft status? Most of the involved parties have voted already, and the motion is highly likely to pass.
What does this mean for the timing of a final, community-approved HTML 5.0? We're estimating a few months, still. The original goal for finalized specification has been this coming fall, and this Last Call specification status is right in line with that arrival date.