Joe Brockmeier of Linux magazine wrote a good story on the future, or potential lack of it, for Adobe Flash. According to Brockmeier, development of HTML5 has the potential to largely supplant Flash on the Internet. Brockmeier wrote:
By 2012, you might want to have a Flash plugin handy to view legacy content that’s still lying around. But, by then, Flash will be well on its way to being an anecdote about the bad old days when too much of the Web was bound up in proprietary and non-standard technologies. [Read More]
Moral of the story, don't base your plans for embracing "new media" on concentrating on Flash. By the time you graduate Adobe Flash may be considered largely out of date.