Simply put: Flash will not replace well-designed web sites based on html/css. To elaborate:

My honest opinion is that the argument of Flash taking over the standard web page is moot. There are practical, well executed uses of flash, and there are practical, well executed uses of any of the other technologies mentioned. However, it seems that there are …

With my recent kick on finding out everything I possibly can about html5, this is one part of it that has been implemented in a few of the more popular browsers, and actually has some use. By definition:

The tag defines graphic, such as graphs or other images. The tag is new in HTML 5

New blog site up, http://www.htmlfive.net. The purpose of this site is to provide a central resource for any and all updates or articles that pop up on the web about the new HTML5 specifications.
Currently, HTML5 is in working draft mode, with no real implementations besides proof of concept. Opera 9.5 has Web Forms 2.0 working [...]