Even though its Flash technology is used as a punching bag by Web standards fans, Adobe has been building tools that embrace HTML5. The company recently released its own HTML5 video player, and Adobe Illustrator and Dreamweaver CS5 now contain a number of new HTML5 export tools.

Now it seems Flash might be joining the party. At Adobe’s MAX conference this week, Adobe engineer Rik Cabanier showed of a demo of tool that converts Flash animations to HTML5 (well, technically it looks like a combination of HTML5, CSS and images).

The video below, while not the best quality, shows the tool in action:

Adobe Flash has taken a beating in the last couple of years. First Apple attacked Flash for poor performance, then open tools like HTML5, CSS 3 and JavaScript began stealing much of its thunder, offering video, audio and animation—traditionally Flash’s strongholds—without the need for the free plug-in.

While rumors of Flash’s demise have been greatly exaggerated, there’s no question that, were Flash to remain what it is today, it will eventually be replaced by HTML5 tools.

Keep in mind this is just a demo, not something that’s scheduled for release any time soon. It’s also worthy noting that, despite the claims of “HTML5,” the page generated appears to be using the XHTML 1.0 doctype. Clearly this is a work in progress.

Still, even if the final project generated the kind of messy markup you see in the video, just the ability to export your animations out of Flash would be godsend for developers that want to move their complicated Flash animations to Web standards that play on devices where Flash can’t run.