flash/html5 is kind of analogous to blu-ray vs hd-dvd. It's going to be a long drawn out fight but html5 will probably win.
To me it looks like the industry is probably pissed about adobe's stranglehold of an important internet technology. And it's becoming more important as online-video grows.
In a fight with Microsoft, Google and Apple all on the same side, I don't see how Adobe thinks it could possibly win this one.
-Microsoft is fighting for Silverlight and html5 is a blow to flash
-Google wants an open and fast internet
-Apple is mad at adobe for not properly optimizing flash for safari
-Linux users don't like that flash is a pain to use on their system
In the end it will come down to the developers. Will flash completely disappear? Probably not, but it likely won't be as prominent as it is right now.
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