This whole solution seems to be base on LLVM compiler

http://llvm.org/

It's very powerful compiler (For example that exactly what Adobe is using in CS5 for cross-compiler AS3 -> iPhone native C under ARM) . Obviously I am not sure about how many of features its supporting from standard Flash at the moment, and how he manage to get his player working but I bet, using still the same virtual machine AVM2 because is open sourced from 3 years. Or at least some modified version.

I am fairly sure is not big deal to reproduce flash player if you have swf specification open, virtual machine open video format open flex sdk open. It a whole level easier task to do these days. The reason why previous projects like gnash failed. There was no dev team able to keep up the changes Adobe was doing to the Flash Player.

But this project seems to be alive and again has much easier life to be able to keep it up. The only thing would be to make it cross platform and Adobe can be in trouble... at least that can be the final step to open the rest stuff they could

Edit:
WebM hmm...
http://www.bitrebels.com/geek/flash-...jobs-is-wrong/ That will take more time you can expect.

I wish to see fully GPU accelerated 64 bit flash player no matter where come from under robust and at the moment fastest virtual machine. Then... oh dreams...