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I think the HTML5 apps will either destroy the App store or the app store will simply include HTML5 applications and go on with their business. I found a neat article online that uses HTML5 to make a Tetris application that acts exactly like a regular app. It has its own icon, fits the iPhone resolution to a T, and reacts perfectly with the touch screen.

I also think the idea that HTML5 would be in its infancy is wrong as well. Most web developers have been working with JavaScript and HTML for a long time, the new additions will not be hard to learn. Also, the jQuery team has been working on making a package directed at smartphones. Making it more compatible and also by including touch screen methods.