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If this means companies like Netflix use HTML5 rather than Silverlight to stream films it will ultimately make the world a better place.

makes no difference , you'll still need to install some 3rd party plugin or buy authorized hardware in order to run the media.

Doesnt change anything for the client.

The providers will swap an object tag for a video one ,that's what it is all about.

It's basically a Flash or Silverlight for video and sound only.