Coupled with a ton of other HTML5 initiatives from Adobe, Wallaby, is tended as a tool to help convert the rich animated graphical contents of Flash into a form that can be easily imported into other web pages in development with web design tools like Dreamweaver. And only WebKit-based browsers (Safari and Chrome) are supported for now.
Adobe critics have stressed the move as an effort to slow HTML5 standards adoption and probably reposition Flash in the mainstream which the new open web platform is encroaching.
However, Adobe has given reasons for the omission of Canvas in favor of SVG for slowness, stating that it slows the readability of HTML.
The overall development, however, is certainly a welcome one, with tons of legacy Flash contents that are begging for conversion into HTML5, and perhaps these leveraging of Flash animation transitions to run anywhere may well position the incumbent in the platform wars.