Flash is
ridiculous on OS X. It leaks memory like a sieve - I once left a few tabs open overnight with Flash ads and your various bits of Flash-based internet detritus, and by the time I woke up my machine was thrashing madly until I manually killed Flash. Its performance is also
piss poor even when it isn't leaking your RAM all over the floor.
Not to mention it breaks a lot of fundamental browser interactivity - want something to render on top of your Flash applet? FUCK YOU YOU CAN'T.
Scrolling happily along with your mousewheel on a page, then you hit a Flash applet. While your cursor is over the applet, your scroll wheel stops working. Why? God knows, because Adobe hates us and Flash is the greatest bit of trolling ever.
These aren't new issues - these have been around since the very first days of Flash. Adobe simply has no interest in bringing usability up to the standards of the 21st century.
Nor security for that matter - one of my main objections to Flash is that it conveniently circumvents all of the nice security features your browser has painstakingly built into your experience. Incognito mode? Flash won't respect it. Don't like cookies? Well, screw you, Flash will keep its own equivalent anyways. Nice, sandboxed JavaScript runtime? Well, Flash does its own thing (and has its own bugs and security holes... many, many security holes)...
I trust Google, Mozilla, et al to do a reasonably good job protecting me online. I do not trust Adobe - both due to their lack of regard for basic product quality (both stability and usability), as well as their poor security track record of having more holes than a beehive.
If third parties could actually implement a runtime (one that, say, wouldn't suck) then maybe Flash would be a good idea. At least there would be a way to work around a single vendor's supremely shitty implementation.
I don't deny the need and desire for a highly interactive technology like what Flash wants to be (and sometimes is)... but this is not the answer.