Flash killed flash. Video runs just fine on phone hardware.
Macromedia killed Flash, Adobe has been using the defibrillator for quite some time now.
What's killing Flash is 10 years of buggy, awful software. No other multi-platform VM has had so many performance issues, so many security holes, and so many bugs that significantly degraded the user experience. JavaScript interpreters have never been as terrible as Flash. Java has never been as terrible as Flash. Flash's only claim to fame is its ubiquity. It will not be missed.