Adobe CEO Shantanu Narayen has told the press that they are in fact working with the individuals at Apple to create a suitable flash program for the iPhone. Complaints have been made that the current flash player built in to the device is too heavy on the CPU and thus drains its battery life entirely too fast; and also that the supposed solution "Flash-lite" is just plain horrible. The concept Flash software will allow users to view their favorite television shows, videos, and movies on their iPhones alot more smoothly, preserving much more of their battery life. This all came to light as a result of hearing about Google's new mobile phone operating system, Android, making its way mainstream and posing a significant threat to Apples mobile OS. Android has been rumored to have more flexibility and more functionality than the Apple OS for iPhone, but after the iPhone fixes its flash problem, only time will tell.
http://www.engadget.com/2009/01/31/apple-teams-up-with-adobe-for-iphone-flash-at-long-last/
