The recent news from the Adobe camp is that the now ubiquitous flash player version 9 (Update 3 Beta 2) currently has H.264 standard video support. The H.264 is a standard which is deployed in Blu-Ray and HD-DVD high definition video players.
What this translates for the lay person is better quality of video and audio in flash players. H.264 is also an open standard. It is currently believed that the penetration of the Adobe Flash player is just over 98% making it the most used media player [Courtesy: ReadWriteWeb].
You can download the latest version of Adobe Flash player (version 9) from the official Adobe labs website.
Incidentally, you might also find this quite detailed article by Tinic Uro who explain all the new features of the latest release of Adobe Flash player ver 9 an interesting read.