There are ExCanvas (VML), Uupaa Canvas (VML, based on ExCanvas), FxCanvas (Flash) and FlashCanvas (Flash). There is also this one (Silverlight), but I do not know if it was completely finished. Note that ExCanvas also supports Silverlight in the subproject, but it is not supported.
It all depends on your target audience and what you need in your application.
VML-based restrictions are limited if you need a lot of elements in your drawing, and Flash-based elements will not be limited by the number of elements, but by interactivity (mouse and keyboard events).
I suggest you look at the respective websites of these libraries.
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