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In my openion the most significant advantage of HTML5 and HTML4 is multimedia features.HTML4 requires external software, like flash, to play videos and multimedia content.Sometimes tyhis may may cause due to imcomatibility. But in case of HTML5, embed video can run on web-pages without using any external software software. HTML5 is user friendy.
HTML5 has given more solutions for error handling. Application development with html5 is more simpler. More about differences between these two technologies, you may read here http://pixelcrayonsservices.wordpress.com/2013/07/08/7-differences-betwe...
Theres really no benefit. Video is only important if iphones will be viewing your website as all other platforms and browsers support flash.
Google doesnt give preference to any of the native html code so theres no SEO benefit
and as far as im aware no 3rd party software reparses html5
html5 canvas is pretty good tho. if you want a flash replacement!