Yes, but they haven't decided for sure if they'll keep it. And it's kind of a silly element, as it encourages this unnecessary use of headings.
What i wanted to do is have a title EX: MonkeyCoders and underneath it a small phrase usin a smaller heading size such as h3 to say Ex: "Coder-Web Dev.- Hacks- and more".
You seem to be confusing the meaning of Hx with the browser's default styles for heading elements. You don't use an H3 because it "looks right". You choose it because it's meaningful. You can style these elements any way you want. But to have one heading under another is kind of pointless.
The lower H3 tag would normaly be in my opinion the title for a section or article with a minimum importance or high importance such as : "About Me", "Contact", etc.
To have an h3 on a page without at least one H2 and H1 above it is wrong. These heading numbers have a meaning—each being a subset of the other. A subtitle is not a subset of a heading.
Well before i started looking into HTML5 i would of used a div tag with the id of "sub_title".
Maybe you should stop reading about HTML5 then. Well, of course use a heading element for an actual heading, but it's not the right element for a subtitle.