Just saw this making the rounds:

From : http://apcmag.com/Content.aspx?id=5078

Developer Tobias Schneider created the software called “Gordon” which allows Flash apps to display on the iPhone. It’s a Flash interpreter written in Javascript, the language which is supported by all web browsers, including the iPhone, for allowing elements on web pages to be interactive, without requiring a full page refresh. Javascript is heavily used in web apps like Gmail and Facebook, but until now has been mostly used in its pure form — it generally isn’t used to interpret other languages.

Sounds promising  :)