Hi Deepak,
I haven’t noticed anything amiss when using the HTML5 doctype. The whole reason was chosen in the first place is because it was the simplest doctype that would be rendered by browsers in standards mode. This means that html4 markup will display fine under html5. This does not mean that all will be rosy trying to get visualforce to play nicely with html5, as one of the links in your comments illustrate.
Thanks