Not sure what the intended impact of that was supposed to be. For the "future" it sure looks a lot like the present.
Reality check? That there are many Flash video sites out there? Um, okay. I get that. I also get that 90% of them (with the exception of Hulu) could provide HTML5 support or even dual Flash/HTML5 support easily. The "future" here isn't just being able to play today's content in a mobile device, it's playing tomorrow's content in that device. For one, even the demonstrated Flash/Nexus features (double-click to go full screen, for instance) break the expected Flash model; for another, anything needing to react to hover events will simply never get those on a touchscreen device. Content will need to be rewritten, even for the Nexus One.
Reality check? How much battery did the Nexus One consume while playing that Flash video? How hot did it get? A video of a salesman peddling their wares tends to gloss over the negatives like battery life/power consumption. Aside from your Flash fanboyism, how willing are you to believe that that particular salesman was giving you the full picture?
Reality check? Maybe Adobe really did put all their development muscle into making Flash work right on the Nexus One; do you think for a second that they'll put the same development effort into every other smartphone platform out there now or in the future? Adobe has a miserable track record on this: they fully support the platform which gives them the largest market audience or which scores them political points, and provide "almost okay enough" support on everything else. Examples abound in the Windows vs Mac development shifts over the last decade and how "next generation" players have repeatedly been left to wither on the vine once the market share has been consumed (Acrobat Reader absolutely sucks, and Flash sucks everywhere but Windows and maybe perhaps now Nexus One).
Reality check? How much control will HTC have in getting Flash to work just as well on *their* Android-based phone? How about Samsung? Adobe doesn't play well with others, and it simply never has. Assuming that the Nexus One implementation is the balls-out best Flash implementation on the planet, able to run with a tenth the resources of even the Windows variant, there is no way Adobe is going to spend that much effort to replicate that success on every other device out there. Not even for the "Nexus Two".
Reality check? How much flexibility will Google have in designing their next-generation phone? They can't have Flash performance decrease from one generation to the next, but how much control will they have over Adobe's development effort?
Hey you forgot this one!
Reality check?
While owners of iPad / iPhone / iPod Touch enjoy blue lego blocks on their screens - owners of Nexus One and dozens of other devices will enjoy almost full web experience of today and tomorrow (and this doesn't include just watching bloody videos - Flash is much, much, much more than that!)
This is the ONLY reality check I care about