Today at the Adobe Town Hall session here at Flash on the Beach, a participant asked the Adobe panel if there were plans for Flash on the iPhone and Paul Betlem confirmed that Adobe is indeed working on it. This has been the talk of the conference so far - and the one new 'sneak peak' that has been revealed this week.
However, Paul was quick to mention that this comes with one cavat - since Apple decides what runs on their platform, they could ultimately veto the platform add-on and kill the project. It should be noted that if Apple agrees, Adobe will apparently have the player ready "very shortly".
The big question that now remains: what version of the Flash Player will it be? FlashLite? Flash Player 8/9/10? I would think with all the games they have running on the iPhone that they could get Flash Player 10 running pretty well. Or, version 9 at the very least.