There is hardware acceleration in flash now, however it is not 3D, but rather 2(.5ish)D, and the CPU is left doing the real 3D geometry calculations while the graphics hardware does 2D rendering chores like texture mapping – and essentially idling. This results in 3D performance maxing out at the 1000’s of triangles per frame, far behind leading edge.
Adobe is remding this though in a near-term release of Flashplayer and to provide access to this new capability, the Molehill 3D API has been introduced. Adobe has provided an overview of the API and the results are simply a hundred-fold inprovement in 3D performance. This should make the Flashplayer version of Moore pleased. Oh and the best part? Adobe is collaborating with the 3D engine developers to get the tech into your favorite frameworks, like Away3D. Now if only it was 2007 and not 2011.