Though Steve Jobs preaches openness and open standards at the drop of a hat, we do know Apple does not exactly practice this and their ecosystem is pretty much closed and controlled. No doubt, Adobe Flash hasn’t made it to the iOS till this day.
However, that could change soon if claims by a third party app developer is anything to go by. Developers of SkyFire, a browser application that has been recently submitted to the App Store for approval claim that their app will be able to handle Flash content without infringing on any of the functionalities that Apple objects to. The mobile browser does not actually play Flash or transcode its content. Instead, the iPhone app makes use of a proxy browser to remotely interpret and convert Flash content to an iPhone supported format. SkyFire claims that the application has been built with sufficient feedback from Apple and so they should not have much trouble getting approved.
This does not however mean you can hit straight into addictinggames.com to play Flash games. Because of the technology used, users will only be able to view flash content and cannot actually interact with them. That would mean, only Flash videos (and banner ads?) will now be rendered without fuss.