Actually someone did port the flash lite version to iPhone but i can't find back the article. It even have a video demo on it. I'll dig deeper and post the link later (provided i can find it again).

Here it is as promised.

Source

This is because Apple are working on their own version of flash (with a fancy name) but with basic functions only (as its still in dev). I've read this in macrumors but cant put my fingers on which article.

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Added on July 7, 2008, 4:33 pmActually its a Javascript Framework called Sproutcore that can work like flash.

Read more about it Here.

This post has been edited by frozzbyte: Jul 7 2008, 04:33 PM