Rumors of flash's demise have been highly exaggerated. Not that Adobe doesn't have a lot to worry about though. Direct competition from Microsoft Silverlight, Open standard HTML 5 and Apple's stubborn refusal to support flash on the iPhone are hitting them where it hurts.
However, that doesn't mean Adobe is just going to give up on this once unique web development technology. According to Flash Player product manager Thibault Imbert's blog: "Flash Player 3D future scheduled for Max 2010 scheduled on October 27 at 11:00AM in room 503"
Details are limited at this point, but Flash developpers everywhere are surely hoping for something that will leapfrog the product over the competition and stay relevant far into the future.