Well, aside from the lack of group cooperation (mostly on the <video> supported codec) it's going quite well. (I'm active on the WHATWG mailing list(s).)

The support is rolling in quite nicely (From Mozilla, Opera, Apple, and Google), IE is still failing to implement numerous features which will stall HTML5 to no end.

The goals of HTML5 are great and I'm really excited for the final release of the spec.

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