Adobe President and CEO, Shantanu Narayen, responded to a question on the F2Q08 Earnings Call regarding Flash Lite on the iPhone.

When asked if Flash Lite was coming to the 3G iPhone, Narayen replied:

With respect to the iPhone, we are working on it. We have a version that’s working on the emulation. This is still on the computer and you know, we have to continue to move it from a test environment onto the device and continue to make it work. So we are pleased with the internal progress that we’ve made to date.

So, it looks like Flash is coming to the iPhone, but don't plan on it being ready by the time Apple releases firmware 2.0 on July 11. This is still good news, regardless of the fact that we have no known release date yet, since browsing the Web on the iPhone without Flash can be slightly annoying, especially when someone embeds a YouTube video and makes you feel left out.

» Read the Transcript