Tinic Uro who works on the Flash player made some amazing announcements about the new beta flash player. Video is getting a major upgrade to the already pwning FLV format on the web, they are moving away from that however towards a H.264 standard format (can you say HD movies on your PC in Flash?). Silverlight (Windows Media VC-9), Quicktime and other formats were looking superior to FLV quality (although noone can beat the file size) but this has changed the game completely.
The people running the Flash product are just answering the calls of the market very effectively.
Some tidbits of what is possible with the new H.264 standard video in Flash:
- Playing content of other formats inside of Flash without worrying about loading another player or plug-in. (MPEG player or Quicktime movies for instance)
- Play HD video on your PC in Flash with support from video card manufacturers in the works.
- Play AAC SBR data instead of MP3, 5.1 channel surround sound.
- Use open source only tools for your complete video pipeline.