This week, Vimeo is attempting to make iPhone and iPad owners very happy.

The New York-based streaming company announced Tuesday that it had developed an embeddable Universal Player with support for both HTML5 and Flash, bringing joy to users of mobile devices across the land.

When browsing a site with an embedded Vimeo video, the company's new Universal Player will detect the end-user's browser and device and deliver the appropriate wrapper -- HTML5 for iOS devices and modern browsers; Flash mobile for Android phones -- as well as defining the optimal video definition and playback codec.

In addition, the player sports a new "Watch Later" button, allowing users to tag interesting videos for later consumption. Sadly, it doesn't quite work like Instapaper's "Read Later" button, as these videos will just be sent to an album on your online Vimeo account instead of being saved locally to your device; however, Vimeo is releasing the new feature as part of its public API, so you never know what might be cooked up in the future.

In the meantime, you can access the "Watch Later" album from your computer or mobile device.