Adobe announced yesterday that it will stop developing the Flash Player for mobile devices. They will continue to support the Flash Player on desktop devices.
Their statement said,
Our future work with Flash on mobile devices will be focused on enabling Flash developers to package native apps with Adobe AIR for all the major app stores.
Adobe also claims to be committed to using HTML5 on mobile devices. Adobe has made some moves in the direction of HTML5 in Dreamweaver CS 5 and CS 5.5. (I expect the next version of Dreamweaver to be much more oriented to HTML5.)