So, Adobe has given Flash developers the ability to build stand-alone apps for the iPhone. There will still be no Flash support in Safari or any other web browser. If you want to write an iPhone app, you won’t want to use Flash; but if you have a Flash app you want to port to the iPhone, then this looks pretty good.
Honestly, I really like this situation. The type of Flash content I’d like to see on my iPhone are the things that are essentially apps. Not having access to Flash used to make annoying web sites doesn’t really bother me.