Youtube posted a strong argument in favor of Flash that will certainly weigh in on what we have dubbed the war against Flash. In the official Youtube blog, the company outlined the argument for the Flash and the HTML5 <video> tag comparison and stated reasons for Flash to remain dominant for the near future.
Youtube stated that they have "very exicted" about the HTML 5 movement and, with it, the emerging web standards. However, they feel that Flash will be critical to the distribution of video content over the web.
Some of the reasons for Youtube's reliance on Flash include:
Source: JUNE 29, 2010, https://apiblog.youtube.com/2010/06/flash-and-html5-tag.html