Jobs reportedly said the Journal would find "It's trivial to create video in H.264" instead of Flash. Depending on how the Journal handled the video conversion, that could be true, and for the moment H. 264 is a cheap and effective way to distribute Web video. But we assume Jobs didn't mention that H. 264 is patented, privately licensed and could get expensive fast.
Even setting that aside, H. 264 does not fully replace Flash. While it can handle video, it does not comprise a system for the rapid development of interactive graphics, as Flash does. Yet Jobs also reportedly said Flash would be "trivial" in this sense, as well — that it would be "trivial" to make an entire copy of the Journal website with the non-video Flash content also redone.
It's not clear to us how assembled Journal honchos collectively reacted to these statements, but its worth noting that shortly after the meeting, on Feb. 10, editorial board member Holman Jenkins issued a WSJ op-ed comparing Apple to Microsoft and saying the company "is in danger of becoming preoccupied with zero-sum maneuvering versus hated rivals." His primary and lead example of this sort of "maneuvering" was Jobs' decision to keep Flash off the iPad.