MacGeneration reports that Apple is planning on a major update to Safari at this week’s WWDC.  Safari 5 will apparently include a Reader functionality that will make web page reading easier by extracting and organizing the text.  The search field will now include Bing as well as Yahoo and Google.

Safari 5 will render Javascript up to 25% faster bringing it in line with recent improvements to Chrome and Opera.  It will also include more DNS prefetching and caching to help with speed.  HTML5 support will also be improved. 

Safari Developer tools will also be improved with a new Timeline Panel with keyboard shortcuts.  There was no word on a possible Safari extensions API.

More below:

MacOS 10.6.4 is also ready to go with the following improvements:

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