There has been many heated debates as of late on the topic regarding HTML5 and Flash.  My own personal opinion is that people, or "the media" simply have nothing else to talk about. Flash is a framework that enables developers to write powerful, interactive applications.  Much like its newish competitor Silverlight, both do a lot more than play videos. 

HTML5 is not "out to get" Adobe (Flash), Microsoft (Silverlight) or Apple (Quick Time)

HTML5 is a specification on new features and standards that all modern browsers "should" implement - period. All of the big guys contributed to the specifications, which might lead you to believe that all browsers will have these features.  While some, at least in part, have features that are in the current HTML5 specification, many don't, including Internet Explorer 8.

 A few of the new and innovative specifications in HTML5 (and beyond) include:

• Video support - H.264 codec
• Video/Audio streaming (up and down)
• Device selection
• New elements such as the canvas element
• Data storage

The actual list is substantial, so I won't list them all.  If you want the full specifications, or at least the current one, you can view the W3C Working Draft.

Keep your pants on and your sleeves rolled down - relax.

What has Flash developers steaming is the fact that people, and I am referring to non-technical or people with no Flash experience, adding to the hype around the video capabilities in HTML5. E.g. To play videos without a proprietary player, no Flash or Silverlight needed. Are you going to be able to build complex animations, games, interactive applications?  Maybe in 2040.  If you look at the capabilities browsers have today and compare their predecessors from 10 years ago, ask yourself: how much have they changed?  In reality, not much.  Sure, there is a plug-in that can do this an that, rendering times are increasingly getting better, but what capabilities are new?  AJAX? AJAX isn't new, it is just a cool new term that stands for Asynchronous JavaScript and XML. In fact, this capability was introduced by Microsoft in 1999, its name was the XMLHTTP object and it was implemented in IE5. But, it was not widely used or "adopted" until Google "Don't Be Evil"  deployed it with release of Gmail and Google Maps.

A browsers job is to render, that is its primary job, to render content served from a web server.

We all have primary jobs, but we all wear many hats - why should browsers be different?

Many, if not all of us, wear many hats. Albeit at home or work, we are spread thin and do multiple tasks.  Browsers are no different.  As they mature, like people, they take on more responsibilities, assuming they are up to the task.  HTML5 should be embraced. The hope for browser compliancy and new features, not the fate of Flash or Silverlight is what HTML5 represents.  Let us also not forget, even HTML5 will need a browser, Flash and Silverlight do not.