Open Source Flash Player - My thoughts

I read most of posts on this subject but specifically responded to Ted Leung's post. I am posting my thoughts here for wider audience, so content is slightly changed to address general audience rather than one person.

My question to those who want to see open-source implementation of Flash Player, can they mention some points, which would allow them to do things better if Flash Player would have been open-source?

Anyway, coming back to the subject. I like FSF and Open-Source philosophy, a promoter now. Though, I used to have different thoughts in past. I am always excited to see projects which provide different (free as in beer or freedom) options..

I have been watching Gnash closely. I wonder, how it would make my life better. I can imagine a few good things:-