HTML 5 video playback is possible using the Safari web browser on iOS and Mac OS X. I've seen it work on other browsers, but not reliably. You can try it yourself by inserting this code into an HTML page and referencing an HLS stream from your Wowza server, as an example:
You may also want to take a look at the player offering from JW Player, which uses Apple HLS/HTML 5 and RTMP/Flash, depending on the platform. It's a great solution.
<title>HTML 5 Test</title>
<video width="640" height="400" controls="controls" src="http://[wowza-ip-address]:1935/live/myStream/playlist.m3u8">