"The new web technologies aim to replace it, but Flash will be around for some time. If you have Flash player installed on your phone, Opera will support it. Although it's possible to embed videos in Flash, you can have videos directly in HTML5, the same way as images. You can already see HTML5 videos on Youtube."
For a thorough introduction to the current state of affairs in the land of Android browsers, you can read our comparison article here.
source: OperaSoftware via PhoneScoop