Yes, HTML5 will have features (nd even elements/tags) which XHTML does not yet have. It will also reintroduce some tags from HTML4 which were removed for XHTML. (iframe, is one of them, I think)
If you want to know about the differences between HTML4/XHTML and HTML5, read the wikipedia entry on HTML 5: http://en.wikipedia.org/wiki/HTML_5#Differences_from_HTML_4.01.2FXHTML_1.x
However, no, XHTML is not equal to HTML for the purposes of rendering. http://hixie.ch/advocacy/xhtml
XHTML is more XML than it is HTML. It essentially uses (most of) the elements ('tags') from HTML while respecting the stricter grammar and semantics of XML.
It is not equal to HTML4 for the purposes of rendering. If you use a mime type of XHTML - since it is XML - you can end up with nasty parse errors if you do it wrong:
... but despite this problem using XHTML can result in more consistent behavior between browsers than HTML4; since HTML4 is not as strict, browsers try really hard to interpret ambiguous markup, and the browser's developers end up with some freedom to choose how these ambiguities are treated. This leads to inconsistencies, but with XHTML - being XML - the browser is supposed to refuse to render the page at all should it be ambiguous.
XHTML can lead to problems with older browsers though, especially with empty elements (self-closing tags) such as <br />
; an old browser won't know what to do with the /
and might think its part of the tag name and then you lose your line break.
Lastly, I don't know what you mean by "Converting from text/html to application/xhtml+xml is difficult because it's not HTML" but I encourage you to check out the book "Refactoring HTML" by Elliotte Rusty Harold... it seems to be a 300+ page answer to the question ;)