Apple's deigned to let Skyfire, an iOS browser that transcodes Flash videos into iPhone-friendly HTML5, into the App Store, and it's available there now. In my testing it worked pretty darn well. Yup, porntubes on the iPhone. Updated
HTML5 video has a few hurdles to leap before it can fully replace Flash, but one looms larger than all others: Opposition to proprietary video formats, like h.264. Conveniently, Google has just open-sourced their own format, called WebM.
Running Flash on Mac OS is, in a word, miserable. It's slow, resource-sucking and crashy, compared to Windows. Which is why Apple's new video acceleration API—which Adobe plans to use in upcoming versions of Flash—is great news.