One of the scenarios that Microsoft aimed Silverlight at was LOB (Line Of Business) type applications. In this area it seriously rocks - it is delivered via the web, and its performance in each of the supported browsers is identical, i don't need to code different versions for different browsers.
HTML5 is still an unratified and evolving standard, and different browsers each have different bits implemented. I have nothing against HTML5, but once it is final (if it ever gets there) you are going to get more of the same as what has already happened - the different browser makers all implement it slightly differently, consequently there will be differences between the browsers which you as the developer will have to make allowances for.
With the release of Silverlight 4, MS have made big advances, and it kicks ass even more, giving access to webcams, printers, running out of browser, accessing the file system if trusted, etc. This makes it even more desktop like - you will never achieve this with HTML 5 and jQuery, they remain a strictly browser/web based technology.
Silverlight has been undergoing frequent releases and has a large (and growing) uptake. What you should think of too is that Silverlight is starting to become quite a mature technology, whereas HTML5 hasn't even really been born yet.