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answers:

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O3D is a new google tech that enable 3D rendering within a browser (also 2D rendering), and if it is remotely like real 3D applications it is supposed to be capable of playing videos in the future!

O3D on Google labs

And flash every web-user and web-developer knows!

so what is going be the future of web? the new version of flash and it's new technology or O3D?

A: 

I would go ahead and say that no, O3D probably will not slay Flash, at least in its current incarnation.

The API is far less complete when compared to the breadth of ActionScript 3; it's still a third party plugin that needs to be installed; and Flash isn't just a video playback donkey.

That said, this is a pretty open-ended question.

Take a look at the Papervision 3 project that will be leveraging Flash Player 10's 3D functionality.

Tegeril
Papervision 3 is great but I think O3D is going to be faster (flash have a history of being slow on the user end...), and I think it can be a great solutions for 3D gaming on web. but the advertisement market and video market will most likely stay where they are right now! but enough about my opinion! hehe
Evilalan
I mean Papervision 3, the successor to Papervision 2.0 (Great White), not a type for Papervision 3D. I completely sympathize with performance issues with 3D in Flash, but by all accounts, the next version of PV3D will have significant performance and feature improvements.
Tegeril
typo* not type.
Tegeril
is this http://blog.papervision3d.org/ ?
Evilalan
http://blog.papervision3d.org/2009/10/13/papervision3d-is-shifting-gears/
Tegeril