It's counterintuitive but Adobe should be working on a project like this.
A decent server side SWF->HTML5 would enable existing websites to offer the first class experience (the SWF) to Flash enabled browsers, and push a HTML5 conversion for non-Flash browsers (Apple mobile devices). It would shaft Apple (Why does this run so slow on the iPad?) and slow the move away from Flash (Adobe could still make a credible 'runs everywhere' argument).
A decent server side SWF->HTML5 would enable existing websites to offer the first class experience (the SWF) to Flash enabled browsers, and push a HTML5 conversion for non-Flash browsers (Apple mobile devices). It would shaft Apple (Why does this run so slow on the iPad?) and slow the move away from Flash (Adobe could still make a credible 'runs everywhere' argument).