I guess that's good news technically, but I'm looking forward to SVG, Javascript, and SMIL combining [and I'll form the head..] into some kind of super Flash replacement that relies on native browser rendering and open standards.
Flash is only good for backwards compatibility.
HTML 5, <canvas>, <audio>, <video> and JavaScript are a pretty good equivalent for Flash. SVG would be less easy to work with (less well integrated in HTML than in flash), but it would fill in most of the gaps left. I've actually proposed a GSoC project for something like that. We're working on it