I wish. Flash will continue working on IE 6 and other older browsers though. Until all the browsers you want to support have HTML 5 implemented (correctly), you're going to have to either use Flash or some hybrid/piecemeal solution.
Not only that, creating animations in Flash tend to be a lot faster than anything else. Very often at my job we opt to use Flash for things that could technically be done with straight HTML/CSS/JS, simply because the former would take orders of magnitude less time to create (and that time can be invested into polishing, etc).
Not to mention the size. A HTML + CSS + JS (jQuery) implementation of a simple component such as a menu would end up being ~50KB. In flash it turns out to be less than 1KB.
Most of it can be cacheable, so it's not a problem.