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Adobe is releasing today flash player 9 beta update, where they are to support the open source format H.264 which was supported by Apple on their iTunes encoded videos. Till now Apple is the major supporter of this format. The public beta version of the update to Adobe Flash Player 9 software, code-named Moviestar, which includes H.264 and HE-AAC functionality, will be available later today as a free download from Adobe Labs at http://labs.adobe.com. The final release is expected to be available via update in the Fall.

Update:

Adobe® Flash® Player is the high-performance, lightweight, highly expressive client runtime that delivers powerful and consistent user experiences across major operating systems, browsers, mobile phones, and devices.

Adobe Labs features prerelease versions of the Flash Player 9 Update software. The beta is an opportunity for developers and consumers to test and provide early feedback to Adobe on new features, enhancements, and compatibility with previously authored content.

This update, codenamed “Moviestar,” includes new features, enhancements and bug fixes for Windows, Macintosh, and Linux versions of Flash Player 9, including:

Support for H.264 video and HE-AAC audio codecs (new Aug. 21).
Multi-core support for vector rendering.
Full screen mode with hardware scaling.
Flash Player cache for common platform components, such as the Flex framework.
Support for Microsoft Active Accessibility (MSAA) in the Windows plug-in.

For More information check here