According to Adobe blog:
Adobe has introduced an interesting new tool which converts Flash content into HTML5. Don’t get too excited, it’s not the answer to everyone’s problems as it may seem, since it only works for animations, banners and things of that nature, but it’s a start and a glimpse of a future where Flash and HTML5 are not competitors, but rather complementary technologies, like Adobe has been trying to convince anyone willing to listen.
Millions of people have honed their Web animation skills in Flash, and now their customers want content that can run anywhere, including on non-Flash-enabled devices. Accordingly Adobe’s releasing ”Wallaby,” an experimental Flash-to-HTML5 conversion tool. For now it’s aimed at WebKit-based browsers (notably Safari & Chrome)
The focus for this initial version of Wallaby is to do the best job possible of converting typical banner ads to HTML5. Wallaby does a good job of converting graphical content along with complex, timeline-based animation to HTML5 in a form that can be viewed with browsers using a WebKit rendering engine. Supported WebKit browsers include Chrome and Safari on OSX, Windows, and iOS (iPad, iPhone, iPod).
Wallaby’s design goal was not to produce final-form HTML ready for deployment to web pages. Instead it focuses on converting the rich animated graphical content into a form that can easily be imported into other web pages in development with web page design tools like Dreamweaver.
For more information visit : http://blogs.adobe.com/jnack/2011/03/wallaby-flash-to-html5-conversion-tool-now-available.html