Adobe supports several video codecs in the player (including VP6). Because of the kind of reach H264 already has,I dont think Adobe will ever ditch H 264 for VP

Adobe supports several video codecs in the player (including VP6). Because of the kind of reach H264 already has,I dont think Adobe will ever ditch H 264 for VP8(if that is what you mean by 'VP8 based Flash'). They already support VP6, and as you might have already heard, will support VP8 in the future.