Disclaimer: I'm not a developer. This post is based on my opinions only.
With the upcoming launch of the Apple iPad, companies are exploring ways in which consumers can view video content on the device.
For desktops and laptops, companies use custom Flash players to display their content. However, Adobe and Apple haven't gotten along in this debate. Adobe thinks that their product is ready. Apple thinks that Flash crashes too frequently and consumes too much memory.
While these are valid arguments for both companies, Apple has a very valid point. This week, a colleague and I were trying to create a simple Flash video player via Flash CS4. While the process is fairly straight forward, the HTML file created by Flash CS4 had 318 lines of code -- for something that takes an external player, such as the JW Player less than 10. The same video can be embedded by using HTML5 in one line (as long as it's supported by the browser).
Code snippet from Flash CS4:

Code snippet from JW Player which further references to a swfobject.js file:

Code snippet from HTML5:

With mobile devices, Adobe needs to re-haul their mobile offering. People will not tolerate a crashing mobile device, especially when it's due to a 3rd party plugin.
On the other end, content providers will have to determine how to support all devices when HTML5 is still in its infancy.
Recently, video publishing platform, Brightcove published a blog post about their platform and how the company plans on using HTML5 for their customers. As Jeff Whatcott from Brightcove clearly points out:
HTML5 is about video in the browser, and today it is primarily about video in web browsers on mobile platforms like Apple iPad, iPhone, and others.
Today, HTML5 is new. However, if it gains rapid traction in the future, it could have a significant impact on Adobe's Flash video products.
Edit 1: A prior statement in this article indicated that Flash applications crash because of the number of lines of code. However, after a technical review, that statement was incorrect. The number of lines of code are insignificant. However, good code is still important.
Edit 2: Edited to clarify HTML5 restrictions in paragraph # 3.
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