Maybe in a year or two's time we won't have to worry about keeping "Player" up to date anymore to keep our systems safe from hacks. That will be a good day.
HTML5 has been around in one form or another for quite some time now.
Going forward it is the underlying system your browser will use for pretty much all webpages regardless of whether they have flash like content or not and we are going to be using it whether we like it or not, having it deal with the flash type content is simply a small extension of what it is already handling and makes a huge amount of sense given the prevailence of this type of content these days (mostly annoying adverts of course).
The interpretation is done directly by the browser there will never be an installer of any type for it, updating it simply means updating the browser.