Classical regular expressions are equivalent to finite automata. Most current implementations of "regular expressions" are not strictly speaking regular expressions but are more powerful. Some people have started using the term "pattern" rather than "regular expression" to be more accurate.
What is the formal language classification of what can be described with a modern "regular expression" such as the patterns supported in Perl 5?
Update: By "Perl 5" I mean that pattern matching functionality implemented in Perl 5 and adopted by numerous other languages (C#, JavaScript, etc) and not anything specific to Perl. I don't want to consider, for example, tricks for embedding Perl code in a pattern.