Adobe is already on this. They've just released an add-on for Dreamweaver CS5 to assist in HTML5 development.

Adobe is not just Flash. Adobe makes tools. Sure they want to see Flash remain, but if/when HTML5 becomes more refined, Adobe will provide tools for that tool (and they already are).

Be informed not biased.
KM

I don't accept your premises.

"Create a version in Flash and not support the iPhone, iPad, and several other phones."

When the Flash 10 Player is officially released, mobile phone support shouldn't be an issue, except for Apple devices. So do you re-do everything, or start new with a new HTML 5 spec, to add support for Apple Hardware? Or do you use Flash which covers pretty much all devices and let Apple users miss the experience? So 15% of the phone market misses out...is that really that big a deal? Maybe...

"Create a version in Flash and a version in HTML5 to support both regular Web browsers and the iPhone, iPad, and Mobile devices that don't do Flash?"

Surely not ideal, agreed.

"Just create an HTML5 version without Flash, and still support both all major browsers and the iPhone, iPad, and other mobile browsers, excluding some very old versions of browsers that have not installed the Google Frame plug-in?"

It's not a finalized spec, and won't be for a few more YEARS. There's no consistent browser support. A killer to much online video, there's no DRM (as 'evil' as it may be). There are no IDE tools to support the animation components (though Adobe will be the first to release one).

Finally, the Flash Player needs work, no doubt. Flash itself has been poorly used and written by many, no doubt (not Adobe/Flash's fault). So browsers which will now render all this stuff natively...won't be bloated, won't eat lots of RAM, won't be slow...
Right?
Javascript is no doubt a better language and more efficient that Actionscript...right?
Hmmm.
KM

So maybe it would be better for pizza rolls, or maybe even a calzone...
)

I read through up to here to see if anyone mentioned this aspect.
While it may be amazing that anyone still works at AOL, they do. I know some very smart and talented folks who work for AOL and have AOL email addresses.
While I generally attribute the, um, 'non-techie' stereotype to most AOL addresses...I certainly wouldn't discard resumes that list that....at least not until checking to see if they actually work/ed there.
If they never have, well, ok...maybe that resume doesn't get tossed but it may end up toward the bottom of the pile.
KM

I may be old, infrequent, and/or unhip but that's hilarious ;-)

If you believe the 'Rich' use the same or fewer government services and benefits than the 'Poor', well, I suggest you keep researching the issue.
KM