One of the most conspicuous absences from the iPhone, other than 3rd party VOIP, is the lack of a Flash player and Flash content. That may be coming to an end.
Almost from day one, Adobe has been determined to pry-bar Flash onto the iPhone platform but Apple has been very cool and very quiet to the idea, doing nothing and saying nothing.
At the Adobe MAX 2009 conference, Adobe announced Adobe Flash Professional CS5 and the claim that Flash will be on the iPhone. It will need to be based on Actionscript 3 and have the minimum hardware requirement of the ARM Cortex A-series processor and to connect to the desktop, Intel only.
The Flash projects are run through a Low Level Virtual Machine (LLVM) compiler infrastructure so that the outcome is an iPhone app that can be submitted to the Apple iPhone App store. Much, much more about this here, "Developing for the Apple iPhone using Flash".
8 applications have already made it through this process and are in the App Store now. "Applications for iPhone".
This information was released today at the very end of the day at the conference. How Apple reacts to this development remains to be seen.