If your content is non-interactive, FLABACO (Flash-Banner-Converter.com) might be useful to you. It generates mp4, webm and ogg video files. Once you have all these 3 formats the content will play on almost all HTML5 devices/browsers.
Flabaco's limitations are:
1) No sound support (as of now)
2) Since its a free converter only a limited duration of the media gets converted.
The generated video quality is good (It's capable of generating HD quality video if needed)
A customised Flabaco server can scale to convert large amounts of content in a shorter time.
I've tried Flabaco, but the content is interactive, has sound and the overal size of the swf is around 10 mb.
I'll be following Flabaco's development closely for sure...
Thanks for your reply and for trying Flabaco. Just wondering if by any chance you could send me a sample swf file (in a private message) - would love to take a look at it... Just curious to see if there was a solution.