Belgian iPhone coder Thomas Joos posted this video up on YouTube showing his iPhone running Flash Lite. No, this isn't official or Adobe-backed in the slightest way, but rather a port of the software hacked into the iPhone OS using the two apps b.Tween and eyeGT. He only browses one site in the video, so it's hard to have too strong an opinion, but it doesn't look bad at all. And at this point, with the inability to render Flash being one of the iPhone's biggest Achilles' heels, I'll take any sense of hope I can get it. [9to5 Mac]
The more web developers stay away from flash as the main tech for their sites, the better.
And I get it, there are many cool things in flash and it's easier for people that are not familiar with programming, and clients (specially restaurants) love the flashy effects. But it's not really that convenient, since slows down your computer and eats away batteries.
I, however would like to see it on the iPhone if posible as an option that can be turned down by default.