That would be nice and all, but one huge advantage of Flash is that Adobe iterates quite often with new features/bug fixes, and thus keeps up with new technolog

That would be nice and all, but one huge advantage of Flash is that Adobe iterates quite often with new features/bug fixes, and thus keeps up with new technologies. W3C obviously does the same, but at a much slower rate since we all have to wait for them to take ages to make a new specification, and then wait for it to actually be implemented, and then hope that the implementation is consistent across browsers. Also, I believe Adobe just opened up the specification for Flash.