The Worldwide Web Consortium (W3C) has announced that it plans to finish the HTML5 spec by 2014 and the HTML 5.1 spec by 2016. That plan allows the committee to delay some of the more troublesome parts of HTML5 until the 5.1 release.
If the plan is approved, W3C hopes to push HTML5 to Candidate Release status by the end of this year. Currently, the HTML5 specification has 10 open issues, approximately 300 outstanding bugs, and 11 formal objections. That's a lot of changes to make before the end of the year, but the group has already fixed 600 bugs and 28 issues so far this year.
You can read the entire plan at the W3.org website.