No thanks. I've worked as a Flash developer and Flash is so often misused (put on sites that don't *need* it) that using the iPhone is almost like an oasis.
Flash is for interactive 2D animation (and AJAX with HTML5 and CSS is rapidly making that only a high end need).
Also, Adobe hasn't bothered to make a non-bloated, non-buggy, non-privacy and security flawed version of Flash for the Mac yet, so why should I have faith they'd do it for the iPhone?
Yeah, I want Flash cookies and buffer overflows on a device that has all my personal info and GPS coordinates... what could possibly go wrong?