Clearly at this point, Apple has very little interest in porting Flash to the iPhone.  Apparently there isn't even a skunkworks type project going on between the two companies to suss out whether or not it can run at acceptable speeds.  This, according to Flash Magazine, who covered the Adobe Flash gathering, mention that the Adobe team is actively developing the Flash app for the app store, but getting nothing in the way of guidance from Apple.  They aren't even sure the Flash app will make it to the app store.

Even if Adobe got the chance to release a Flash Lite type of App for the App Store, it still wouldn't serve its most important functionality properly, being embedded into webpages.  Hurdles like this keep the AIR platform and  Flash Apps like Workamajig from being able to be used on the popular mobile device.  We've disccussed the reasons behind Apple's neglet of the Flash player in the past.  Not much has changed.  As we've said previously, Flash isn't coming to the iPhone any time soon.

If you want Flash, go get yourself a OQO.