Many have heard (it was announced at MAX) that Flash CS5 will have the ability to publish Flash content for a variety of platforms, including making iPhone apps. This doesn’t mean that Flash content will run in Apple’s iPhone Safari browser, but it will allow a lot more people to create content for the iPhone, and/or quickly port over things that they have already created in Flash to the iPhone.
Here’s some perspective from a developer that has already used the beta CS5 to create the Trading Stuff in Outer Space game: Flash on iPhone: My Experience.
Then Louis Gerbang did a bit of deconstruction based on that game: Flash on the iPhone.