Recently, the W3C has officially recommended the whole HTML5 standard as a specification for browser vendors and other interested parties. It is final. It is complete. Future work will now be rolled into HTML 5.1, which is currently on "Last Call" and set for W3C Recommendation in 2016. HTML 5.2 will follow that standard with a first specification working draft in 2015.
Image Credit: Wikipedia
Another body that you may hear about is the "WHATWG". WHAT, you say? Yes, the Web Hypertext Application Technology Working Group (WHATWG). This group was founded by people from within Apple, Mozilla, and Opera to propose their own standard, while the W3C was concerned with XHTML. Eventually, the W3C adopted much of the WHATWG's work. They are an open group without membership fees or meetings, and they still actively concern themselves with advancing the platform.
And there is still more to do. While the most visible change involves conforming to the standards and increasing the performance of each implementation as much as possible, the standard will continue evolving. This news sets a concrete baseline, allowing the implementations to experiment within its bounds — and they now know exactly where they are.