Paul Betlem, Sr. Director of Engineering at Adobe Systems have confirmed at the Flash On The Beach (FOTB) conference in Brighton that Adobe is indeed developing a Flash Player for the iPhone. However, Apple calls the shots as to when it'll be available.
The Town Hall meeting sessions are usually a great source of Adobe information and the one at this years Flash On The Beach conference was no exception. The session was full of nuggets for Flash users, but the most relevant piece of information for others was about Flash Player for the iPhone. Upon a direct question from the audience, Paul Betlem for the first time publicly confirmed that Adobe is actively developing a Flash Player for Apple's popular phone. He said (not direct quote) "My team is working on Flash on the iPhone, but it's a closed platform."