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Can you give some details on what this enhancement means? I am intrigued by the title but not sure what you mean by "browser library".
The current Browser Library that is offered in the New JavaScript Project wizard installs stubs representing the DOM and browser objects circa HTML 4.01. A version 5 library would provide stubs including the new element types and their properties. While you can select the desired version from the container's property page, versions 4 and 5 are identical so far.