1. Timing loops are absolutely useless in most browsers. Stable 30fps is all but impossible, and forget about 60fps.
2. GC pauses are abysmal and very frequent in FF.
3. Even with putImageData, you can't currently blit more than about 100x100 on a core2duo.
4. For most people, a large use of Flash is as an embedded video codec, which canvas isn't going to be able to touch.
Of course, these could eventually be fixed, but I think Adobe's smart enough to make sure that Flash doesn't stand still.