Well, generally speaking HTML is SGML and XHTML is expressed in XML. Because of that, creating XHTML is connected with more restrictions (in the form of markup) than HTML is. (SGML-based versus XML-based HTML)
As mentioned on Wikipedia, HTML 5 will also have a XHTML variant (XHTML 5).
Rule of thumb: You should always use valid markup. That also means that you should not use the mentioned <video>
or <audio>
tags in XHTML 1.0 Transitional, as those are not an element of that specification. If you really need to use those tags (which I highly doubt), then you should make sure that you use the HTML 5/XHTML 5 DTD in order to specify that your document is in that DOCTYPE.
Using HTML 5 or XHTML 5 in the given state of the implementation (AFAIK, the standard is not even settled, yet, correct?) could be counter-productive, as almost all users may not see the website rendered correclty anyways.
Edit 2013:
Because of the recent downvotes and since this accepted answer cannot be deleted (by me), I would like to add that the support and standardization process of HTML5 is nowadays totally different to what it was when I wrote this answer five years ago. Since most major browsers support most parts of the HTML5 draft and because a lot of stuff can be fixed with polyfills in older browsers, I mainly use HTML5 now.