Well, HTML5 can't reliably do audio yet. :) But nothing in this animation looks hard at all to recreate in JavaScript / HTML5. The most annoying bit would be to convert the art pieces (which I assume are swf vector art) to a format that you can render with HTML5. In Canvas, png sucks for magnification and I'm not aware of any functional swf exporter + vector canvas renderer library. If you go the DOM route with transforms, SVG may do the trick and there should be vector tools that can import swf and export SVG.

In summary, HTML5 can definitely do it, but for now it's much easier in Flash.

First thing I thought, "I wonder how I could port this to canvas"