Something that has also been confusing is its availability. Yes, a working draft is available today and browsers are starting to support it. However, the W3C candidate recommendation stage is expected in 2012 and will reach W3C recommendation in 2022, possibly later. No, that is not a typo, it does say 2022. See more on the estimated timeline here and also here. We will see advances and improvements over the next few years, but they will still be working drafts.
It will be very interesting in how e-learning authoring tools adopt and adapt to HTML5. I am sure many are exploring that now. As far as web development, Dreamweaver is already offering an extension so you can start exploring it now. The video below provides information on Dreamweaver and HTML5 along with an opinion on the "HTML5 and Flash" issue.
Bottom line, don't put all your hopes in something that has yet delivered. Learn about it, keep an eye on it, even play around with the working drafts if you have the time and patience. Right now Flash is the best and most powerful tool in an e-learning developer's toolbox and HTML5's current draft can't touch it. Will that change? Maybe, maybe not, but if it does it will be quite a while before HTML5 is a true competitor for Flash. Until HTML5 offers the same level of quality as Flash I will stick with Flash and still recommend it for any e-learning developer's toolbox.
Again, here is the link to Dreamweaver's HTML5 pack. And if you have any examples of HTML5 that prove me wrong or an opinion, please add it to the comments section.
A Flash user open to using HTML5 when and if it becomes a viable alternative.