Running NoScript and only enabling javascript and flash when needed likely has a similar effect. The advantage, of course is that with Flash installed but disabled, you can enable/disable it as desired and as battery permits.
There are no mechanisms that I know of in popular browsers to disable certain html5 features like canvas, video, or audio elements.
So while its possible right now to disable Flash by not installing it or using certain browser extensions, if an ad provider loads an ad that uses the video or audio element you really have no way to disable them. Disabling javascript should prevent canvas-based ads from running, but what's to stop video and audio playing if your browser supports autoplay?