I know the format is not patent and royalty free, but I would pick MP4 with H264/AAC over Flash anyday. There are free decoders and modern browsers can play them via system libraries (Abrowser) or as part of the browser itself (Chrome and IE).

Its also wishful thinking to get WebM snuck in there. Especially the new version with VP9/Opus resulting in better quality at a lower bitrate.

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