Haven’t posted in a while, and i really thought this announcement was done well. I got a huge kick out of the video they showed at the MAX keynote on Monday.
So it is true! In your hands in a public beta to be out this year, as Johnny L said, you can use Flash Professional CS5 and make iPhone apps. I haven’t actually played with it at all, as I don’t own an iPhone (many of my co-workers mock me as a luddite for this) but it looks awfully slick.
More info on the public beta is up at adobe labs.