Adobe Gives Devs Access to Wallaby Flash-to-HTML5 Converter
Released at Adobe Labs, not all Flash features are supported, but you would expect that, particularly with a tool that's not even called beta, but experiments. The Wallaby release notes outline the known issues.
To use it, developers drag-and-drop their Flash code into Wallaby. Its output is a mix of HTML, CSS and JavaScript code, which can then be edited in an HTML editor like Dreamweaver or simply edited by hand.
You can watch the demo from last year below.