Adobe have now officially released a preview of their Flash to HTML converter tool code named Wallaby as part of their Adobe Labs.
http://labs.adobe.com/technologies/wallaby/
To application which is deemed “experimental” by Adobe provides limited conversion from flash objects to HTML 5.
The Release Notes give an indication of which Flash features are supported by the conversion.
Adobe are aiming the conversion initially at banner ads. However it’s unclear how far the conversion tool will be developed and how Adobe plan to integrate it into their product line.
You can download the preview here: http://labs.adobe.com/downloads/wallaby.html