Don’t get too excited, it doesn’t do most of the good stuff such as actionscript, filters, sound, strokes … the list of “unsupported” goes on and on.
It is, however, nice to see Adobe embracing HTML5 as a standard, and moving beyond the Flash / HTML5 games.
Adobe Labs published Wallaby:
“Wallaby” is the codename for an experimental technology that converts the artwork and animation contained in Adobe® Flash® Professional (FLA) files into HTML. This allows you to reuse and extend the reach of your content to devices that do not support the Flash runtimes. Once these files are converted to HTML, you can edit them with an HTML editing tool, such asAdobe Dreamweaver®, or by hand if desired. You can view the output in one of the supported browsers or on an iOS device.
As I said earlier, there are tons of unsupported pieces of Flash. Basically this is meant as a way to convert basic animations to HTML5. It’s also a sign (hopefully) of things to come.
While the Flash standard is seeing it’s control wane, the Flash CS5 authoring environment, along with the powerful actionscript — are still very powerful assets for Adobe.