From EON:
Flash Player 10.1 is the first consistent browser runtime release of the Open Screen Project that will enable uncompromised Web browsing of expressive applications, content and high definition (HD) videos across the desktop and devices. (…)
Additionally, Flash Player 10.1 now leverages hardware decoding of H.264 video on Windows PCs, netbooks and mobile devices where available, to conserve battery life and deliver an exceptional video playback experience.
Adobe AIR 2 and Flash Player 10.1 also bring innovations and optimizations from mobile devices to the desktop. For example, designers and developers can now create entirely new types of applications that use multi-touch points and gestures on touch screen devices. Instead of using a mouse, users touch the screen to interact with content and applications.
From Webmonkey:
Support for local microphone access — This may well be the best news for developers since it paves the way to create online audio editors capable of the same sort of sophistication we’ve seen with online image editing apps.
The pre-release beta versions of Adobe AIR 2 and Adobe Flash Player 10.1 are available immediately as free downloads from Adobe Labs