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Likely by the end of 2011, the W3C will issue a second last-call version and begin a second round of refinements.

In the second quarter of 2012, a new phase begins, in which "implementors" of the specification--browser makers, essentially--provide feedback. During this phase, the W3C concentrates on a suite of thousands of tests to see if implementations of HTML5 really do get the same results when interpreting a Web page's code.

The culmination of this phase is a "candidate recommendation" of the HTML5 spec and at least two "interoperable implementations"--in other words, two different browsers that produce the same results on the test cases. The implementors' feedback is scheduled for completion by the first quarter of 2014.

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Facebook has raised 500 million euros from US investment bank Goldman Sachs and a Russian investor that values the popular social networking site at 50 billion dollars, the New York Times reported on Monday.

The investment puts the value of Facebook at higher than fellow Internet companies eBay and Yahoo!, as well as media company Time Warner, the newspaper said citing sources familiar with the deal.

The funds will give Facebook added resources to develop new resources, make acquisitions and lure away top employees as it increasingly competes more directly with Internet search giant Google.