I also agree that Jobs was completely wrong about HTML 5.0.
But... Steve Jobs is a smart guy, surely he would know about its severe limitations?
Legitimate performance issues aside, I think that this might be part of what Adobe referred to when its CEO said that a lot of Jobs' letter was a "smokescreen".
Could that smokescreen be because Apple is developing it's own competitor to Flash?
It would make sense because all the major tech companies have a cross-platform technology (Like Silverlight, Java and Flash) except Apple (Yes, there's Quicktime, but it's very limited). It would allow Apple to draw users into the Apple eco-system on non-Apple hardware. It could work if Apple cuts exclusive content delivery deals with some of the big players who are looking for safe distribution channels.
... this is just wild speculation, of course, but, hey, wild speculation is what makes the internet so much fun :)

