A new iOS tool called iOSFlashVideo found on iSpazio allows you to view Flash embedded movies on iOS devices. The bookmarklet allows videos from Dailymotion, Flickr Video, MegaVideo and Vimeo that are embedded Flash in websites to play using their backend H.264 video. It is basically the same trick that Apple uses to allow embedded YouTube Flash video to be played without Flash.
We hope (expect?) Apple to make this available natively at some point in the future.
If you have any trouble installing the bookmarklet, MacStories has a great step-by-step.