Interesting....few comments here.
First, this HTML5 thing is true, but how long will it take to become mainstream. How many sites will have to completely redevelop their site to HTML5? There is still room for flash, and I am sorry steve, you are wrong here. Yet I also see and understand the reason why not implement it. Adobe needs to step it up, both companies are saying "we don't need them, they need us" and one just needs to fold.
I believe adobe is starting to find alternative ways around this. Take a look at this:
http://cs5.org/?p=359. Being an Flash/Flex developer myself, this is an interesting concept. IF adobe is able to pull this off, then will we need flash on the iPad/iPhone? The other question is if Adobe release such a feature, what will happen if apple starts to include flash; will this feature just die? I say no....porting your flash applications over to iPhone/iPad will be a great alternative...opening up the app store even more!!
Another item I am a little iffy about is apple making their own processors, again. For the portable devices, fine, but they need to stick with Intel for their laptops and desktops.