No, not at all. There is a spec for HTML5 and it is most certainly not 'next generation web technology'. It goes into great detail on a couple of specific features that browsers will aim to support.
The problem is that people often want the latest and greatest technology. Geolocation is a good example of this. They think because chrome is an html5 browser they can have geolocation and often are confused when you try to explain why that feature won't always work. "But it's part of html5!" they say.
Instead of bundling everything under "HTML5" I wish we could just talk about the actual features.