Shortly after Steve Jobs’ comments concerning the mobile version of Flash — the full version’s too slow on the iPhone and the mobile version “is not capable of being used with the web” — Adobe’s CEO Shantanu Narayen has said…
“We believe Flash is synonymous with the Internet experience, and we are committed to bringing Flash to the iPhone . We have evaluated [the iPhone SDK] and we think we can develop an iPhone Flash player ourselves”
So this iPhone-specific version will likely fall somewhere in between the full and mobile versions of Flash.
Adobe working on iPhone Flash player after Jobs rebuke [Phone Magazine]