HTML 5 <video> tag vs Flash video. What are the pros and cons?

Question

IMPORTANT UPDATE

This question was made over 9 years ago. It made sense then, it doesn\'t make it now. Flash is hard on its way out; sup

Answer 1

Since now the browser gets the video file via regular HTTP, as compared to some obscure method defined in the SWF file (which would need to be parsed), you can now have web proxies that can also cache video files! As well as have the very browser be able to cache a video file.