Wallaby, currently at Prerelease 1, is an AIR application that allows designers and developers to convert Adobe Flash Professional (FLA) files into HTML5 with a simple drag and drop.
I'll come back with a slight review when I get a chance. I wonder how deeply will it support AS3 tweens and movement as opposed to just timeline based movement.
Disclaimer - I haven't used this yet myself either but I had a good look through the Wiki page earlier.
There is no ActionScript support - it works with timelined FLA files only - and not much in the way of filters either. There's a fairly big list of text rendering limitations, too.
It seems the output is limited by what can be converted to the SVG format or a series thereof. Furthermore, the only supported rendering environment is WebKit, and you'll need a newer nightly than is available in currently Chrome or Safari to play some complex animations without problems.
In short, it's experimental, so don't get your hopes up too much yet.
This is useful to make ads available on platforms without flash player to make it more appealing for advertisers to continue to use Adobe's tools to create their ads.
This is not useful for those trying to provide actual content.
I'd be interested to know how well it performs, even though its experimental