Comments made by Adobe's CEO Shantanu Narayen on Wednesday suggested that Adobe would be bringing Flash to the iPhone with the SDK that is currently available.

Now Adobe has clarified that the iPhone SDK is too limited to bring Adobe Flash to the iPhone just now.
It looks like the whole thing is a big misunderstanding.
At least it can be said that Adobe wants to bring Flash to the iPhone, but without Apple's help that will not be possible.
In short, we know nothing about the status of iPhone and Flash support right now. Apple will let us know when they have decided and finished the support.
More details about the big missunderstanding on CNET.