Exactly. If it's hogging the CPU, it's hogging the CPU--it's irrelevant if it's more or less a hog than something else really.
Truth be told, I'm only running a Mac Mini. That being said, iTunes seems to be more efficient at streaming audio, video. Other desktop applications seem to do a better job at graphics in general.
I guess part of the performance hit one experiences with Flash is due to the overhead of a nice cross-browser, cross-platform, web-oriented runtime. Java applets, which do more or less the same thing, are also pitifully sluggish, in my experience.