Maximum PC

I remember a while back that in the MaxPC magazine (can't remember exactly which issue) Gordon was moving to Silverlight because of some exploits in Flash. Two questions: Has Adobe fixed these exploits (or at least, the major ones)?

Secondly (and I don't know much about Silverlight so forgive me), does Silverlight have any compatability with Flash media, or can it only run/execute Microsoft-specific media?

Reason for asking is that a site I have to use for a class uses quite a bit of flash (video, navigation, etc) and was a bit concerned with the security of Adobe Flash and was looking for alternatives (I know of VLC player, but don't know if it works with embedded web applications created for Flash--I know it can play Flash video).