Bloomberg reported this weekend that Adobe Engineers are working diligently on getting Flash down to an acceptable level of power usage and performance to work on the iPhone/iPod touch architecture. The bad news? Don't expect this technology to become available in the first half of 2009. According to Adobe's press release on the matter:
The joint technology optimization is targeted for the ARMv6 and ARMv7architectures used in the ARM11™ family and the Cortex™-A series of processors and is expected to be available in the second half of 2009.