I noticed the WHAT-WG last month and was initially interested in seeing some simple advancements in HTML happen in my lifetime. More and more people are talking about their approach - some positive, some negative - and I hope the hyped expectations don't get out of hand. It'll be a tricky balance between adding user interaction control and consistent and commonplace implementations. The next milestone will be a response from Microsoft, and after that actual participation from Microsoft.
I'm not sure I actually want good ole HTML to have absolutely every feature discussed by WHAT-WG. I'd like to see the basic improvements that are pretty uncontroversial - slider bars for example and some of the forms handling ideas - taken up by the W3C. Maybe that was already tried and failed for some reason.