Adobe has finally been able to deliver Flash applications to the iPhone. But probably not as most people would think, by launching an iPhone Flash Player, they have done it slightly differently. Develop your application as you always do in either Flash Builder or Flash Professional, then pre-compile the application for the iPhone, e.g. native Objective C code is generated, and you suddenly have no need for the Flash Player on the iPhone.
I was introduced to the concept a couple of weeks ago, and I have to say I was a bit surprised at first, but it really makes sense. If it is possible to create native applications in another language, why not, conceptually it is not that far from AIR anyway.
It will be interesting to see the reactions from Apple. Secondly, how easily can we reuse code from already existing projects that we now want to distribute to the iPhone.