Flash coming to Android, can iPhone be far behind?

Andy Rubin first demonstrated Flash running in a Web browser on a T-Mobile G1 running Google's Android OS (video) during the Adobe MAX developer’s conference in November 2008. It's worth noting however, that the Flash update still isn't publicly available for the G1.

Can it be long before we see Flash running on the iPhone? Since its announcement there's been a lot of speculation as to when we'll see Flash running on Apple's popular smartphone.

AppleInsider notes:

in an interview with Bloomberg at the Davos, Switzerland event, Adobe chief Shantanu Narayen describes development as a complicated two-way process rather than maintaining the previous image of a one-sided effort that would depend on App Store approval before it could launch. "It’s a hard technical challenge, and that’s part of the reason Apple and Adobe are collaborating," he says. "The ball is in our court. The onus is on us to deliver."

Flash is kind of running on the iPhone now via iMobileCinema. The problem is that it's only available for Jailbroken devices and it's especially buggy.

One conspiracy theory is that Apple has a vested interest in keep Flash off the iPhone because it opens the door to a potential flood og Flash-based applications that will compete directly with the offerings available in the App Store. Flash could effectively release Apple's stranglehold on the iPhone software market and they've got to be concerned about what that could mean to their bottom line.

Does Flash effectively circumvent the App Store?