According to what John Harding said, HTML5 handles the basics of video, it lacks many of the extra features that sites like YouTube, Vimeo and Hulu currently offer through Flash-based video players.
He lists a number of things Adobe Flash can handle that HTML5 video tag cannot, including "fine control over buffering and dynamic quality control", content protection, live streaming, the ability to allow users to jump to specific points in a video, "Standard Video Format", "Robust video streaming", advertisement, "Encapsulation + Embedding", "Full-screen Video" and so on. Owing to these things, HTML5 cannot be widely used on YouTube yet.
But he also said that HTML5 is developing very fast , and will eventually become an outstanding web standard.
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