On thursday Adobe released the first beta of Flash Player 10, it allows us to see some of the great innovations Adobe has put into the player since it acquired Macromedia in 2005.
The new killer features include hardware acceleration, a completely revamped text engine, an enhanced drawing API which improves the performance a lot, and a new datatype called Vector. The Vector datatype is an array, that may only contain 1 other datatype, this speeds up array processing.
Furthermore, a sneak preview of Adobe Pixel Bender is released. This software allows you to create "shaders" which can be used as effects, blendmodes etcetera. A shader is programmed in their own language, which is based on GLSL (OpenGL Shader Language), which is C-based. This allows many people to develop their shaders with ease.
There are also enhancements in other area's such as streaming, FileReference classes, and the maximum imagesize is doubled.
You can find more info