There is a new beta of the Flash Player Update available. That's right: the beta is even available for Linux (same time as Windows and Mac).

This beta is affectionately named Moviestar due to these key new features:

H.264 video
AAC audio
Hardware-accelerated fullscreen video playback (new for Linux in this beta; Win/Mac had it in previous beta)
Yep-- fullscreen hardware acceleration during video playback using OpenGL/GLX on Linux, where available... and functional. If you find that it does not work right, you can disable hardware acceleration using the "Settings..." menu from the right-click context menu. Oh, and file a bug with hardware details, video card driver version, GLX version, that sort of stuff.