Adobe has done it, once again. In Flash Professional CS5 now you can develop applications for iPhone. Flash CS5 converts your application to native Objective-C code when the content is published. These application can be delivered to iPhone and iPod users through the App Store.
This doesn't mean iPhone supports Flash Player. Flash CS5 allows the developers to repackage the existing web content as application for iPhone.
Public beta of Flash Professional CS5 is planned to be released later this year.
Watch the video below as Adrain Ludwig of Adobe demonstrates the Flash technology inside iPhone,