IMHO, Javascript will become even more important with HTML5. Knowing how to manipulate the DOM has always been important for interactive web apps, but now, in order to program a "canvas", to interact with the "clipboard", to manipulate an application "offline", to store/retrieve data from "localStorage", and to continue building Ajax-style interactivity, you'll need Javascript even more.
You'll also find that you can replace a lot of Flash/AS3 with HTML5/JS.
Don't write JS code where you don't have to though. Better animation, pseudo-class, and pseudo-element support in CSS lessens the amount of "styling" you'll need to write in JS.
Go buy a book (or two, or three).