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Looks like the <canvas> tag has landed on the Mozilla trunk.  More info available in bug 288714.

Brendan Eich sums it up pretty nicely in the bug comments:

We are turning canvas on – it’s already on by now.  Get over it.  Nothing in a relatively new spec is set in concrete, but that does not prevent useful work from being built on it.  This is how the Internet protocols, and then the web, were built.  Welcome back to incremental innovation.  The lull of six years of monopoly-induced stagnation is over.

The cool thing about <canvas> is that you can use it to draw any image you want client-side based on various graphics primitives.  It’s not structured markup like SVG, but rather a blank sheet that you draw on.  This should help with any application previously requiring server-side modules - they can now render images in fast client-side Javascript rather than slow server-side callbacks.

It’s supported by Apple’s Safari and will be by the next Firefox released from the trunk (1.1 or 2.0, depending on if they have branched or not).  No word yet on whether IE7 will support it, but I’m guessing the answer is no for a couple of years at least.