According to this article, there won't be any support for Flash on the iPhone anytime soon. What sounds very much like a copout, Steve Jobs claimed that the full-blown PC Flash version "performs too slow to be useful" and that Flash Lite "is not capable of being used with the Web".
What he's trying to tell us is that the iPhone is underpowered to display most of today's web pages.

I personally don't really care much about this. The iPhone is still an outsider in terms of handset penetration. What would worry me more if I was in Adobe's shoes is Nokia's Silverlight initiative.

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