The status of HTML5 at w3.org isn't all that relevant for us webmasters. It is like it or not *the* standard to aim for for anything new we make - regardless of it being a candidate a recommendation or whatnot.
Our worry should be about browsers following the HTML5 standard (regardless of the standards current phase in the life of a standard). The compatibility of browsers is pretty decent with up to date browsers, but there is "that" browser with all it's orphaned versions that are so resistant to upgrades holding us back.
We just need to stop promoting and creating more HTML 4.*, xhtml 1.* and move to HTML5 or polyglot (x)html5 respectively.
Whatever status the standard gets at w3c at whatever date is really nothing to worry about. When we can stop having to support IE7 (and a big one after that: IE8) is the big concern - and in case of IE8 that's still many years away ...