This post is pretty late ... but I think it is worth re-addressing since your question reappeared in all html5 conversations.
SVG is a vector drawing format that also supports animation, synchronization, and DOM Javascript support. In other words, it is a stand-alone format for static and dynamic vector graphics; you can say this is a web-based (or movie) alternative to EPS / PDF. The html5 canvas tag is not a format, and the way to draw (static images) on the screen using Javascript is all; there is no competition between him and SVG, since they have completely different goals.
Most other vector "formats" include plugins (Flash) or hardware support (webGL). Ironically, the VML format you mentioned is now deprecated in favor of SVG.
To answer your question: SVG is now the standard vector format for the Internet. Hopefully in the near future we will see that it is also used for video / animation.
tjklemz
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