Microsoft's Silverlight - an alternative to flash?

My impression from this is Flash with better video integration & quality.. Worth knowing about and keeping an eye on, but I hope that this isnt just another plugin, bringing us back to the shockwave & flash days... In touting deals it has signed with Internet video broadcasters such as Netflix Inc., Brightcove Inc. and professional baseball’s, Microsoft Corp. is declaring that its nascent Silverlight rich media software is not only a would-be Flash-killer but a high-definition video delivery platform that takes on, among others, Apple Inc.’s QuickTime.