via Moock.
I just read on moock’s blog that kevin lynch, macromedia’s chief software architect, demonstrated the next generation version of the flash player at the macromedia flash conference in tokyo, japan.
only a few features were shown, but it seems they are great, expecially, as we were already heard few time ago, for the graphics.
There is a video available, taken from te conference, in which these features are shown:

• a new type-rendering engine
• performance improvements
• bitmap effects (blur, dropshadow, colour matrix etc)
• realtime video alpha channel

video is avail at different locations:
Carl-Alexandre Malartre from ScoLab
>> low bw (5mb 320×240, 15fps)
>> med bw (14.5mb 320×240, 30fps)
>> high bw (42mb, 640×480, 30fps)

Ultrashock
>> low bw (5mb 320×240, 15fps)
>> med bw (5mb 320×240, 30fps)
>> high bw (42mb, 640×480, 30fps)
Link: http://www.moock.org/blog/archives/000146.html