Yup. As of right now, Silverlight isn't bringing anything new to the table. The website boasts of features that can be replicated in Flash fairly easily. I'm kind of underwhelmed by Silverlight. I have played around with it (and it's parent, WPF) but I find there to be several drawbacks that don't exist in Flash and ActionScript 3.0. With the official release of AIR, WPF is even less attractive to me.
The one place where I see a lot of potential for Silverlight is in it's compatibility and integration with Seadragon. That's the one feature that MS seems to be touting as Silverlight's biggest strength. Truthfully, the effects can be replicated in Flash (using the Zoomify technology, for example), but Seadragon really impresses me and I see a lot of potential in it.
This is a bit off topic, but if you haven't seen the Seadragon implementation in Photosynth, you should really take a look. I saw a demo at TED about a year ago and I've been in awe since.

