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Check out FlashVideoReplacer [1]. It replaces videos with your browser media plugin or can launch it in a separate player. I use it with gecko-mediaplayer and love it!

[1] https://addons.mozilla.org/en-US/firefox/addon/flashvideorep...

You still be able to use flash 11.2 and receive security updates for another 5 years. Unless there is going to be massive progress for flash (which we already know there isn't) this isn't really news. They are basically saying if there ever is a flash 12 it will not be supported on linux.

That hasn't been true for a very long time. Just using the linux flash plugin with nspluginwrapper on a native firefox has been the preferred method for flash on FreeBSD for several years now. I have not yet tried to use the linux chrome plugin with a native chromium, but that may also be a possibility now or sometime in the future.