Awesome news just in via the Adobe MAX Keynote  today:
- Applications for iPhone via Flash CS5 Professional:
- Developing for the Apple iPhone using Flash:
- Public Beta of Flash CS5 Professional coming this year:
Great article on what exactly this means and some more details by Mike Chambers here: http://www.mikechambers.com/blog/2009/10/05/building-applications-for-the-iphone-with-flash/ 
You can learn more about this announcement in the FAQ below as well as in the following places
- Adobe News Room (http://www.adobe.com/aboutadobe/pressroom /)
- Information about apps for iPhone on Adobe Labs (http://www.adobe.com/go/iphone )
- Information about Flash Professional CS5 on Adobe Labs (http://www.adobe.com/go/flashprobeta )
More about Flash Professional CS5
What did Adobe announce at MAX regarding Flash Professional?
Adobe previewed an early version of the next major version of Flash, Adobe Flash Professional CS5. Adobe also announced that a public beta of Flash Professional CS5 will be available for download from Adobe Labs later this year. That beta will include support for the ability to compile ActionScript 3® projects in Adobe Flash Professional to run as applications for iPhone. Interested designers and developers can go to Adobe Labs to sign up and to be notified when the beta is available.
What are the new features of Flash Professional CS5?
There are many new and exciting features in Flash Professional CS5. These include
• New text capabilities via the Text Layout Framework (TLF). Get unprecedented control and creativity with text in Flash projects. Advanced styling and layout, including right to left text, columns, threaded text blocks let you work with text in Flash like never before.
• XML based FLA files let you manage and modify project assets using source control systems, and enable teams to easily collaborate on files.
• Code Snippets panel provides pre-built code that can be injected into projects for greater interactivity and also reduces the ActionScript 3 learning curve. The panel includes code for timeline navigation (ie: click to go to the next scene) actions (ie: drag and drop), animation (ie: move with keyboard arrows), audio and video, event handlers (ie: mouse events) and loading and unloading of assets.
• Flash Builder integration. Use Flash Builder to write ActionScript code within Flash projects.
• Improved ActionScript editor, including custom class code-hinting and completion
When will the Flash Professional CS5 beta be available for download?
The beta will be available for download from Adobe Labs before the end of 2009.
How much will Flash Professional CS5 or Creative Suite cost?
We are not announcing any pricing at this time.
Where can customers go to be notified when the beta is available?
You can sign up to be notified: https://www.adobe.com/cfusion/mmform/index.cfm?name=fpcs5_notify
More information about applications for iPhone
Q: When will Adobe Flash Platform tooling support building applications for iPhone?
A public beta of Flash Professional CS5 including support for building applications for iPhone is planned for later this year. Sign up to be notified when the beta is available.: https://www.adobe.com/cfusion/mmform/index.cfm?name=fpcs5_notify
Q: How does the Flash Platform tooling update help developers?
The tooling update allows developers to use Flash technologies to develop content for iPhone and iPod touch, devices that were previously closed to them. Developers can write new code or reuse existing web content to build applications for iPhone. Because the source code and assets are reusable across the Flash Platform runtimes,—Adobe AIR and Flash Player—it also gives developers a way to more easily target other mobile and desktop environments.
Q: How is this different from Adobe Flash Player 10 coming to iPhone? Will iPhone users be able to view web content built with Flash technology in the iPhone browser?
The new support for iPhone applications in the Flash Platform tooling will not allow iPhone users to browse web content built with Flash technology on iPhone, but it may allow developers to repackage existing web content as applications for iPhone if they choose to do so.
Flash Player uses a just-in-time compiler and virtual machine within a browser plug-in to play back content on websites. Those technologies are not allowed on the iPhone at this time, so a Flash Player for iPhone is not being made available today.
Flash Professional CS5 will enable developers to build applications for iPhone that are installed as native applications. Users will be able to access the apps after downloading them from Apple’s App Store and installing them on iPhone or iPod touch.
Q: Can applications for iPhone built with Flash Platform tooling be delivered through Apple’s App Store?
Yes. Developers can deliver applications built with Flash Platform tooling just like any other iPhone application. This will require the developer to be a member of the iPhone Developer Program and follow the program guidelines.
Q: Do developers need to participate in Apple’s iPhone Developer Program in order to develop or deploy applications for iPhone using the Flash Platform tools?
Yes. A developer certificate from Apple is required in order to test and deploy applications to iPhone. Apple provides information on its developer programs at http://developer.apple.com/iphone/.
Q: Are applications for iPhone built with Flash Platform tools interpreted at runtime?
No. IPhone applications built with Flash Platform tools are compiled into standard, native iPhone executables, just like any other iPhone application.
Q: Can applications load SWF files or other code at runtime, such as a module from a website?
No. iPhone applications built with Flash Platform tools are compiled into standard, native iPhone executable packages and there is no runtime interpreter that could be used to run ActionScript bytecode within the application.
Q: Which version of the iPhone SDK/operating system is supported by the applications?
Applications can be built targeting iPhone OS 3.0 and later.
Q: Will applications built with Flash Platform tools work on iPod touch? iPhone 1.0? iPhone 3G? iPhone 3GS?
Applications should work on all iPhone and iPod touch devices. However, as the hardware specifications of the devices are widely divergent, content performance may vary between devices and device generations.