There's no need to keep up with the latest flash version. If you can render 90% of the legacy content out there (ads, animations, simple games) it's already good enough. You can always fall back on the real Flash player if you need to play a fancy game.
let me run the top 5 facebook games ( made in flash ) and we'll see about the 90% content people can actually use with that!!!
I say that's a stupid project, already been done but nobody's using it, or even care, because it doesnt work !
