It's an interesting video. The renderer improvements look very nice. The new "better-than-ClearType" font-renderer's okay (but frankly I thought the original renderer looked fine).
Flash still has two major improvements that can be done, though. First is in ActionScript. Flash's scripting language is still implemented as a Java-style VM. Java, though, now has the benefit of optimizer/obfuscators that shrink code-size and improve performance. Also, many Javas are implemented as "just in time compilers" that can bring about performance close to native code. The current bottleneck for Flash apps is in screen-rendering, but I think that's going to change when people start making more computing-intensive apps in Flash. They can learn a lot from Java about improving performance in VM-style apps.
Second improvement is taking advantage of hardware for rendering. Far as I know, the bulk of Flash's screen rendering is still done in software, despite the fact that the most modest video cards available nowadays support very nice realtime blended image-processing via Direct3D and OpenGL. Of course, the advantage of the software renderer is that you don't have to work around a card's quirks. If I run a Flash movie on an older video card, a brand-new high-end video card, a Mac, and a Linux box, they'll all look exactly the same down to the pixel. Hardware screen-rendering will likely have to work similarly to the 3D support in Director/Shockwave. You've got the ability to switch between rendering your game in software, Direct3D, or OpenGL. That way if your card's OpenGL is broken you can switch to Direct3D or vice-versa.
Anyway, if I had to guess what's coming down the pike in later versions, I imagine that's what'll happen. For now, though, check out Flash Player 8's enhancements at http://www.moock.org/blog/archives/000146.html