There's a new release of the FlashPlayer 9. Apparently there is multi-threaded vector rendering, bitmap rendering and video decoding. Some fullscreen video bugs have been solved, view the complete list here.
"Going into full screen mode has a zoom transition effect. The beta does not work perfectly right now, but we want to get feedback if this is acceptable to end users. We will not expose an API to access/control this, either we'll leave it in and fix the remaining bugs or it is out. Also you might notice that this even affects the current full screen mode, something we will remove in the final release."
If you want to test, just get it at : http://labs.adobe.com/technologies/flashplayer9. Just keep in mind that it's a bèta version.