I'm not sure if your familiar with Flash deployment services like Mochi Media but one of the biggest features they give Flash developers is their encryption which is not currently broken. What this means is that the Flash games you develop cannot be decompiled. Even the regular Flash apps you see out there have just a slight barrier to entry to decompile and come out the other end with working code. This kind of safety is comforting to developers. HTML will never have even a little of that saftey.
You should take a look at the minified/obfuscated source that Google's Closure produces. It really isn't much better than looking at a disassembly of a C# binary, as far as clarity goes. And all that in the name of minifying the source, not obfuscation.
Oh I'm all for HTML5, on the other hand I'm still having to support IE6 for my work and even then IE7 and IE8, it will be many years before I can fully move to HTML5 and by then I'm sure I'll use whatever tool is best for the job of making web applications for use across browsers and platforms.
I don't see why we won't see Flash and HTML5 and Silverlight and Java applets for games still going forward. It isn't a either or situation as I'll still be able to contain Flash/Silverlight/Java inside a HTML5 compliant page.
