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Adobe should have gotten their act together instead of whining about the iPad. Flash has become so un-friendly that I can see a product like this really hurting Adobe.

Wallaby is rather limited, according to Adobe's own site: http://labs.adobe.com/wiki/index.php/Wallaby#Release_Notes

Notably, ActionScript is not converted and only the latest WebKit browsers are supported. Hype's content displays almost everywhere (and you're seamlessly made aware in-app when there'll be differences between Hype's scene editor and any given browser), and Hype's Javascript support allows for much more interactive content than can be produced by a FLA processed via Wallaby.

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