The element has been in and out of the HTML5 spec about as many times as an appendage’s in the dance, Hokey cokey. Recently, the element has had some great semantic improvements which Bruce Lawson kindly explains in this article.
Bruce Lawson discusses the sensitive subject of semantics and the benefits that it has for the web. If you read nothing else other than the final section ‘Do Semantics Matter Anyway?’, this makes for a very interesting read.