John Nack (a month ago, but relevant today with the news about Chrome dropping native H.264 support):
Good news, though: the new Flash Player 10.2 (download the
beta) offers a new, video-playback-optimized mode called Stage
Video. Building on top of the GPU acceleration added earlier
this year, Stage Video can:
leverage complete hardware acceleration of the video rendering
pipeline, from video decoding to scaling/blitting, enabling
best-in-class playback performance. Stage Video can dramatically
decrease processor usage and enables higher frame rates, reduced
memory usage, and greater pixel fidelity and quality.
Color me skeptical, but we’ll see how it works in practice when it’s out of beta.