JD says keep an eye on Adobe's Deeje Cooley for the best information on this subject, which is Adobe Media Player (announced at NAB), so you too can monetize eyeballs with "happiness metrics" and video streams.
Update: JD has more thoughts on AMP and Microsoft initiatives, and sees AMP more in the space with Joost, Miro/Democracy and the like. It's hard to say what developers will do with Silverlight, the MS answer to Flash. Some are already noting that the real battle's between Adobe and Google, and not about Silverlight. Gizmodo has a report on AMP from NAB.