HTML5 defines a standard algorithm for rendering web pages, and this algorithm specifies how error handling should be performed. All in all, every single browser should render invalid markup the same way, or should fail the same way for tags they can't handle.
Right now I can still see validation as a means to ensure markup works hypothetically the same on legacy browsers. Excluding those (because hopefully they won't be around forever), since any kind of markup should have a defined behavior no matter how horrible it looks, does "valid HTML" still have any meaning? It seems to me that an input is valid if it has a defined output, and in this case it means that any HTML5 is valid. Is it still useful to validate markup considering that it won't impact compatibility?
As linepogl rephrased it in a comment, now that invalid HTML is standardized, has it become valid?