EvolGrafiX, a small SVG tool developer, is working hard to ship Renesis, an apparent Flash killer, by end of this year. Where Flash plugin renders SWF, a proprietary format, Renesis will render SVG (100% of 1.2 mobile profile and 94% of 1.2 standard profile) version of the same graphics faster and at higher quality than Flash can. For scripting language, Renesis will use C#
I've been using the Anti-grain Geometry engine (AGG), the open source 2D graphics engine Renesis uses, and have tracked Maxim Shemanarev, Renesis lead developer who also wrote AGG, for the past couple of years. As ambitious as the Renesis project seems, I think they will get the job done.
As to killing Flash, I doubt that will happen, even with all the interest in SVG. Rather, I think SVG and Renesis will find their own market in areas where Flash is weak.