Adobe said that they are almost done with a Flash player for the Apple iPhone. Apple is in control of when Flash support will be rolled out for the iPhone though.
The details on what the iPhone Flash player would actually be supported are still unkown.
Given that many sites use Flash in the layout it is important to support Flash on web pages. Additionally many videos are only offered through Flash video players, which do not currently play on the iPhone.
More details on Flash Magazine. Via Apple Insider.