I am so glad that someone is working on this.
Frash is a port of the Adobe Flash runtime for Android to the iPhone, using a compatibility layer, by comex ( http://twitter.com/comex ). Frash can currently run most Flash programs natively in the MobileSafari browser. Frash currently only runs on the iPad, but support for other devices (3GS+ only due to technical restrictions) is planned, as well as support for iOS 4.
A release is planned for when Frash is stable. Developers are welcome to join the effort at http://github.com/comex/frash – fork it and send a pull request with your patches.