Flash Player 9 Gets H.264 Support
ReadWriteWeb alerts us to the release later today of Flash Player 9 Update 3 Beta 2, codenamed Moviestar, which will support H.264 standard video as well as High Efficiency AAC (HE-AAC) and other improvements. Adobe engineer Tinic Uro, who works on the Flash Player, has more technical detail on his blog.
h.264 is a far better codec than Theora will ever be, and it's standardized instead of being a hobbyist toy project.