HTML 5 and Safari for the iphone

I have a client who would very much like to display his new advertisement on his website. I have recommended a flash video player for now, but his concern is that it be able to play on an iphone or an ipad as well.

My question is: does Safari for the iphone and the ipad support the html 5 <video> tag yet? If so does it support the available attributes? If the video tag is not supported, how far in the future should I look for it to be?

The video tag won’t reach browser saturation for many years. My preferred method is to encode to baseline h.264 (can be played back by both flash/ios) play it back from a swfobject embedded flash player, with the swfobject div having a html5 video tag playing the same file (if you have flash and javascript the div gets rewritten to use the flash player). Have a look at this to see safari support for video tag