The HTML specification will no longer have a version number attached. The Web Hypertext Application Technology Working Group (WHATWG) version of the specification will be updated as additions are integrated. As a result, the HTML specification will henceforth just be known as HTML, and will be considered a "living standard."
"In practice, the WHATWG has basically been operating like this for years, and indeed we were going to change the name last year but ended up deciding to wait a bit since people still used the term 'HTML5' a lot," Ian Hickson, an HTML specification editor, said in a statement. "However, the term is now basically being used to mean anything Web-standards-related, so it's time to move on!"
The need for HTML versioning has become less and less important as browser vendors simply implement new HTML features at their own pace and tend to ignore whether they have been standardized or not. Web developers in turn adopt the new features when enough mainstream browsers support them.
Of course, there is still interest in publishing a snapshot of HTML5, and the W3C is still working in conjunction with the WHATWG. An official HTML5 logo was released by the W3C earlier this week.
WHATWG is taking questions and comments on IRC. If you just want to read the answers, check out the FAQ.