Adobe owns the web and they don't even know it.

I would argue that Adobe knows very well which parts of the web it owns. And yes suprisingly the killer app for flash is video (or was in 2005 ;) ).

...until <video> works. Adobe own video on the web at the moment.

Someone in the comments mentioned silverlight having open specs & MS paying for a linux implementation. As always, there's a catch.

Microsoft should buy Adobe. Flash has the potential to be the next de facto dominant OS.

Adobe, and specifically Flash, truly sucks.