VIa Adobe, Adobe now makes it possible to create applications for the Apple iPhone using the Adobe Flash Platform. You heard right: We’re really excited to bring this new capability to Flash designers and developers—the ability to target the iPhone with ActionScript 3 projects. You will be able to test this functionality in the forthcoming beta release of Adobe Flash Professional CS5 on Adobe Labs.

Watch a demonstration of applications from the Apple App Store built using Flash technology. 

Applications for iPhone:Developer FAQ

Well a a great news for Flash mobile developers! But still having flash player on Apple iPhone is something which we are waiting for 🙂

vivek