Adobe Flash Player will support HD Videos
Flash Player 9 will now supports H.264 for video playback. The latest update to Flash player 9 which will be available on Adobe Labs will include support for H.264 and AAC in the form or .flv, .mp4 and .mov files. This will allow flash to continue to be the de facto standard of video players.
Click here to read more from Richard Galvan Blog (Product Manager,Adobe Flash)