The ad network company RevShock created Smokescreen, an open source product that converts Flash to HTML5 & Javascript. While mainly designed for ads, not fully conformant, and lacking in performance for the higher-end flash applications, it solves a lot of problems.
I doubt they'll ever reach full conformance, but it is interesting, and I guess Flash will -for banner ads and other simple applications- just be a great front-end to it.
Smokescreen?
