http://www.moock.org/blog/archives/000146.html

"nextgen flash player demo in tokyo

yesterday kevin lynch, macromedia's chief software architect, demonstrated the next 
generation version of the flash player at the
macromedia flash conference in tokyo, japan. the packed crowd was the lucky first 
public audience in the world to witness what's
coming next for flash.

only a few features were shown, but already you can see the monumental improvements 
being made. man, does the next player ever
scream.

in the video below you'll see:
-saffron, a new type-rendering engine
-dramatic performance improvements (a sluggish calendar app jumps from 14fps to 125fps)
-realtime bitmap effects (blur, dropshadow, colour matrix etc)
-realtime video alpha channel

killer!!!!"

-Gel


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