i know it's a work in progress. just thought i'd add my experience. southparkstudios.com video content pops up a blue confirmation dialog for confirming thrid-party content. The blue Ok button seems to respond to the click most of the time and the popup usually goes away but the content doesn't load and the area remains black. using 0.02 on iPhone 4 running 4.0 and iPad running 3.2. http://twitpic.com/2d4zop
Video support isn't available yet I think its planned but there's a lot of hurdles in getting flash video to work... Try flash games and animations for now.