What do you expect from HTML5 in 2011??

HTML5 in 2011 will be more widely supported by the latest browsers but will have varying support for all the features just like it has for the earlier HTML5 versions.

Things like the Video element will be using the WebM format which is free and will be supported everywhere by Chrome, Firefox, Opera and IE9. This will make h264 less preferable as it has licensing fees.

Javascript speed will continue to improve and all browsers will have some form of hardware acceleration which will make the browsers much faster at rendering.

WebGL will be near to take off to the mainstream and some big company will use the new HTML5 features which will force everyone else to support it even more (not just Apple)

HTML5 is already in it's final drafting stages, so what you see in the spec now is fairly close to where it will be:

1. Video/Audio tags allowing the manipulation and control of media formats.
2. Canvas, allowing 2D and 3D graphics based on Mac OS X's Core Graphics and OpenGL ES, You must use DOM through javaScript.
3. Local data storage through an SQLite DB.
4. Device access, allowing you to read from local/USB FileSystems and cameras. You can also start a data stream to capture data such as a video feed to broadcast live video using HTML5. This was added by Google specifically for their own uses such as with Chrome OS, so far no other company has added support yet.
5. New DOM interfaces are added and some old non-standard ones like Microsoft's innerHTML is now standard in HTML5.

For the rest you can find it all in: http://dev.w3.org/html5/spec/