It seems to me that the key USP of Flash/Silverlight is the ability to provide access (albeit indirectly) to the graphics subsystem of the client, enabling video, smooth transitions and "fancy" visual effects.
This sounds like a good idea, and a natural evolution/extension of HTML. But surely it would be better if someone like the W3C controlled such a technology, rather than Microsoft or Adobe locking users into their "platform".
Has the W3C taken a role in the development of these technologies, and if not, why?
Clarification: I suppose the thrust of my question is - why the W3C is not extending/evolving HTML (or creating another technology) in the Flash/Silverlight "direction" when it seems obvious (to Adobe & MS at least), and an open standard platform would be preferable.