There's also <br>, <hr> etc which turn into <br /> <hr /> respectively. All attributes are to surrounded by brackets, alt attributes are to be included in all <img /> tags, no capitals are to be used.
The advantages are the code is tidier, and it's easier to read (am I forgetting any?). When combined with CSS layout techniques you get very light code which is great for page load time and for search engine optimisation.
I myself code in XHTML 1.0 Strict, I might get round to learning what 1.1 is one day.
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