The studio execs behind hulu.com bought into this:

http://www.adobe.com/devnet/flashmediaserver/articles/digita...

If you're going to stream Hollywood content, you'll need Flash. You'll find that Hollywood content on YouTube is delivered in rtmpe:// only, while all other content is MP4 downloaded via http. Hulu is pure rtmpe.

And you'll need adaptive streaming.

Here's a good proposal Apple put out:

http://developer.apple.com/iphone/library/documentation/Netw...

Now someone convince Hollywood this is secure and incorporate into HTML 5, and you'll kill Flash.