Doesn't do Flash or Java. You can make it do Flash if you Jailbreak and get an external Flash viewer, or the Skyfire browser.

I use my iPad for streaming music and/or videos from my laptop to my iPad so if I want to watch something in bed I can do it on the iPad. One is called Stream To Me (audio) and the other is called Air Video (videos). A server goes on a computer where the files live and the client goes on the iPad. Beautiful program and works well. Also if you happen to have DirecTv there is an iPad plugin that lets you watch DirecTv on your iPad. (All contingent on you having a wireless network in your house.)