I thought Steve Jobs said that they were not going to put Flash on the iPhone because it is bloated and slow (probably not in those words ;))
Maybe more like this
"Proper" Flash "performs too slow to be useful," on the iPhone, Jobs warned. "There's this missing product in the middle. It just doesn't exist," he explained. Apple's boss insisted Apple maintains a good relationship with Adobe all the same.
Maybe there will be a cutdown version once v2.0 in announced in June.
I wonder what the speed of these Windows mobile phones are like if you have Silverlight open in one tab and Flash in the other, they have to sap the memory and CPU. I can notice the effect of just Flash on my desktop.