I thought it was interesting in the demo of IE9 that much was made of how IE9 makes more use of the PC to run HTML5 apps very smoothly. That's great for touting IE9 but it makes me, as a web developer, somewhat reluctant to build a rich internet application on HTML5 if I can see that there will be massive performance differences between say IE9, Chrome, Safari and Firefox.
Runtimes like Silverlight and Flash do a least provide some means to estimate the *likely* performance of apps when deployed across different hardware.
It is true that Microsoft have found a home for Silverlight as the (near) default platform for Windows Phone apps but don't forget that much of Silverlight is based on WPF which, if you attend developer workshops for Windows 7 development, is seen as a preferred platform for client development.
Update: This is quite an interesting discussion: http://channel9.msdn.com/Shows/SilverlightTV/Silverlight-TV-50-The-State-of-Silverlight-with-Scott-Guthrie
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