The iPhone OS does not, and will not, support Flash, due to Apple's prohibition against such technology ever being available to iPhone/iPad users. Since Flash is required for video and other multimedia content on many websites, that content is simply not available to iPhone/iPad users.
Now, Cnet, Youtube, and others are experimenting with HTM5 video support, an alternative to Flash, but the standard is not yet finalized and Opera does not support the implementation used by Google and CBS. Thus, you'll have to use Safari for such websites and hope the websites offer non-Flash versions of their content.
P.S. If you consider this an impediment against your usage of your iPhone, feel free to forward your complaints to Apple, expressing your desire for access to web content they have deemed inappropriate for your viewing.
I have been using this super fast browser on my iphone for the last 24 hours (downloaded it within seconds after it appeared in US itunes!) and everything seems to be working perfectly fine except viewing video contents from sites like cnet.com, youtube.com etc I checked the reviews in cnet.com, engadget.com and other places and no one talked anything specific to this issue. Is it something that i am facing alone or is it a general problem? . Is there a bug in the software or do i need to set up something? I don't see any specific instruction for viewing videos through this browser. I checked the Help section but there is nothing related to videos. Can someone help me?