According to Flash Magazine, Adobe is working on Flash player for iPhone but Apple will decide if it will allow it to run on iPhone.
Here is a quote from the article:
"At the Flash On The Beach (FOTB) conference in Brighton, Sr. Director of Engineering at Adobe Systems Paul Betlem, confirmed that Adobe is indeed developing a Flash Player for the iPhone. However, Apple calls the shots as to when it'll be available."
Also check out this.
But do you really want Flash Player on your mobile phone? If you had flash player in your mobile browser, you could watch videos on more sites but a lot of resource intensive web advertisements now use Flash and it is going to kill your mobile browser experience. So maybe Flash for a mobile phone browser is not a good idea. But they could make it such that it doesn't load until you click on a video (the way embedded YouTube videos work on iPhone) and it loads separately in a video player.
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