Adobe Wallaby has been on the cards for a while, and it's been exciting iPad and iPhone owners with the potential that simple Flash to HTML5 conversion could help sites convert their content to run on iOS devices. However, much of the talk has been theorising and rumour-mongering up to now. We knew it was possible, but not what it could do.

Now a video clip has emerged, recorded during a presentation of Wallaby, and it shows the potential of the conversion software. Chuck a Flash animation or code in one end, out pops a HTML5 version.

It's not perfect, as the presenter says, struggling with certain aspects: "During the processing, it will warn you and tell you the things that cannot be converted," he says. "Like filters, blending, animation masks..."

However, it is a massive step in the right direction for a web experience that's compatible with all browsers, including iOS Safari.

It's not so much Adobe admitting defeat in its battle with Apple, rather a company hedging its bets.

What do you think? Is Adobe gradually changing its tune? Let us know in the comments below...