I'm sure you've all heard... the new flash player beta supports H.264 video on playback. This means aac audio and mp4 for video stuff.. oh and of course you could play mov as well. Way cool. And for all of you wanting to know.... no real time encoding from the flash player in mp4... we still have the beloved spark encoder with nellymoser. But hey.. we're stepping in the right direction!
Here is a blog post from the horses mouth that explains a ton.