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

It will be nice to use some of the HTML 5 features... in 5-10 years from now...

We still have too many visitors using Internet Explorer 6 to ignore them, it will be quite some time before we can even move on to only testing the pages for IE7+...