BIG news this from the Adobe MAX keynote in LA. In the forthcoming version of Flash (CS5) you will be able to create applications that compile down to actual real iPhone applications and are deployed using an Adobe AIR type runtime.
Just imagine this the world of iPhone development opened up to all of the great Flash & AIR designers and developers creating great experiences for this device. What excited me even more is that we can take our existing skills and create apps for so many devices ...