HTML 5 is superior...in those areas where it is capable of duplicating Flash's capabilities. In the areas where it can't, it's useless in comparison.
Again, Flash is used for more than video.
What grates on IT and developer wonks is a third party, proprietary application that can leverage program capabilities beyond the browser--the solution for them is, "Get rid of Flash". Steve Jobs was of course happy to oblige for a variety of reasons.
If Apple had acquired Flash and it had gotten the focused and thinking-ahead attention that they devote to their other product development it would be touted as the next big thing.
The proof of the bigger problem is Adobe's complete inability to even know how to go about rebutting the anti-flash crowd.
"For lack of vision, the programs perish.".
Macromedia
Whatever happened to macromedia anyway? Why did adobe take over?
Macromedia took Flash from a novelty and fun browser add-on all the way to a complete product used by nearly every major corporation in the world. They were "small time players" compared to companies like Microsoft and there was rumor that MS might actually acquire them--which is why Adobe bought Flash. Basically, Macromedia got $3.4 billion USD for it. Too good to refuse.
Here's a nice blog and perspective you won't get from the rock-throwers who don't even really know what to use Flash for and haven't given a thought to what might be done with it: http://www.junglecode.net/?p=57&cpage=1#comment-50
Consider this...the reason you now have a globally popular and accessible "YouTube" is because of the ubiquity of Flash when YouTube began. It wouldn't have had the impetus to get where it is today without it.