The HTML5 spec doesn't define DRM or any other form of rights management, which is important to sites such as Hulu, and it is why Hulu continue to stand behind Flash because it does support rights management. HTML5, right now, is most definitely not Flash - Flash is so much more than HTML5. BBC iPlayer (a popular Flash based site in the UK serving the last 7 days of BBC copyright content) would be unable to move to HTML5 for the same reason as Hulu. If all you want is free, unencumbered video streaming then yeah, HTML5 can handle that, more or less, although the additional streaming protocol support in Flash would tend to suggest it is still the superior streaming solution, DRM or not.