Reality check: like it says, it converts a subset of Flash 8 content.
It means it converts a subset of content that was made for a version of Flash that is 6 years old (Flash 8 was released in 2005; Adobe is about to release Flash Player 11).
Sorry, this is not the "Flash killer" you're looking for.
Maybe I haven't been paying enough attention, but Flash circa 2011 doesn't seem all that much better than Flash circa 2005. If it gets them on iPhones, I think most people would happily take Flash 8 and possibly not even notice the downgrade.
Too much stuff to mention, but the new VM especially. I personally haven't been working with AS2 (the old VM) in 3 years.
If one wants to create new content (and thus can "afford" to go back some versions) then this could be useful. Simple banners and whatnot maybe. But in that case, using many of the new HTML5 native editors is probably a better bet.
It means it converts a subset of content that was made for a version of Flash that is 6 years old (Flash 8 was released in 2005; Adobe is about to release Flash Player 11).
Sorry, this is not the "Flash killer" you're looking for.