Microsoft Silverlight versus Adobe Flash: who wins?

The dilemma

Microsoft has launched its Silverlight application, a programmable web browser plugin that enables features such as animation, vector graphics and audio-video playback that characterize rich Internet applications. Version 2.0, released October 2008, brings additional interactivity features and support for .NET languages and development tools.

So this begs this question, is it a viable contender for animation giant Adobe Flash? Let's look at a breakdown of each:

The Comparison Chart

Silverlight		Flash
Silverlight will (naturally) be using the WMV and Silverlight will add to the use of the WMV file format. Using the WMV video format essentially makes Silverlight useless for the vast majority of video websites such as YouTube. It cannot play .avi and .mov file.		Flash Video turned Flash into a mechanism for delivering media with far more potential than any other solution that is .flv, no doubt Flash has also limitation to play other video file. For that Flash required codex for that player installed on Client machine.
Silverlight doesn't even have support for things that should be considered a stock part of any library such as buttons, checkboxes, list boxes, list views, grids, etc. Probably in future release may Microsoft support it.		Flash has rich set of control libraries.
Webcam and Microphone support it not there.		Flash supports it.
Silverlight does not require video codec to run industry standard videos like .WMV		Flash requires video codec to run .WMV videos.