LET’S see: Adobe has launched its own video player that will allow you to play Flash-based video offline on your PC or portable devices, while Microsoft wants to give Adobe’s Flash and Apple’s QuickTime a run for their money with Silverlight, a.k.a. TSTFKAWPF/E or The Software Thankfully Formerly Known As Windows Presentation Foundation/Everywhere.

Boy, things sure are heating up, huh?

So is it another case of Microsoft wanting to be cool by copying, er, I mean, embracing and extending a rival’s product?

Well, let’s face it, Flash powers hugely popular sites such as YouTube and MySpace, and so Internet video platforms have become another important battlefield.

Microsoft is going into battle not only to win the hearts and minds of the thousands of users who enjoy watching online video and interacting via Web 2.0 applications, but to convince content publishers and web designers that Silverlight should be the new standard.

We’re not just talking about watching cats flush toilets on YouTube here, OK? We’re talking about rich Internet applications that will have an impact on online advertising, online and mobile video, and digital music, to name just a few arenas.

So, who do you think will win? Place your bets now