Daring Fireball makes this comment – and for a change, not 3 days late:
Flash CS5 Will Build Native iPhone Apps
John Nack:Today at Adobe MAX, the company announced that Flash tools will be able to build applications for iPhone that can be distributed through Apple’s App Store. A beta version of Flash Professional CS5 with this new capability is planned for release later this year. These aren’t Flash SWF files, they’re native iPhone apps.
This is not a port of the Flash runtime. You can’t use this to load Flash content over the web. What it means is that Flash developers can export native iPhone apps — compiled ARM binaries in .ipa packages — which can then be submitted to Apple through the normal App Store process. There are already eight such apps (built using beta versions of the new Flash developer tools) available in the App Store.
This is very interesting technology. That Adobe would go to this length perhaps suggests that they suspect that Apple will never allow the Flash runtime on the iPhone.
I will add this: I think it also suggests that Adobe realizes that the iPhone is or will become the dominant mobile platform.
Prediction: Within the year, Adobe-branded photo apps for the iPhone: probably will warrant some keynote demo time.