Flash video coming to mobile devices with Flash Lite 3
Flash Lite will support the same video formats supported by Adobe Flash Player and will directly support video streams delivered by the Adobe Flash Media Server, allowing users to view a broad spectrum of Flash Player compatible content. Videos can be viewed in different forms within the Flash environment, including downloadable video clips, streaming videos, applications with user interfaces based on Flash or personalized content such as wallpapers or screensavers.
I'm not sure how On2 fits into the picture, but Andy Plesser had an interview with On2 CEO Bill Joll about On2 brining Flash Video to mobile devices. On2 also had a press release earlier that announced the availability of Flash Video on devices, but there was no mention of On2 in the Adobe press release, so I'm not sure if these are separate efforts, or if On2 will be providing the technology behind Adobe's Flash Lite 3. Either way, this is going to be a great time for video on mobile devices, and hopefully we can get the experience right so people will use it.