HTML5 is an umbrella term for new HTML elements and JavaScript APIs that provide richer semantics and interactions on the web. Some key features of HTML5 include new elements like <video>, <audio>, and <canvas>, offline application caching, local storage, and geolocation. HTML5 aims to make the web more app-like without plugins by standardizing media playback, graphics, offline support, and other capabilities in a way that works across browsers. The specification is developed through the joint efforts of browser vendors to provide a common set of features that work consistently on different browsers without needing plugins.