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Adobe appeared at Europe's NAB equivalent, IBC this week to introduce Adobe Flash Media Server 4.5 and Adobe Flash Access 3.0. There's a whole bunch of detail pertaining to these releases here, but how Adobe has delivered Flash support to iOS devices is absolutely the right way forward: it has enabled the server to stream a version of a Flash asset to an iPhone or iPad. Flash never needs to run on a mobile device again.
"With Adobe Flash Media Server 4.5, media publishers now have a single, simple workflow for delivering content using the same stream to Flash-enabled devices or to the Apple iPhone and iPad."
In other words, Adobe's solution repackages content in real-time, changing the protocol to suit the target device, HTTP Dynamic Streaming or HLS, for example.
The number of times that I've missed Flash in the last 3 years of owing my iPhone could be counted on one hand.