Adobe already has a flash-lite version available for some phones, which is lite and limited. What you are referring to is Adobe's full flash version for phones in the smart phone category, which is under testing and is expected to be available for some phones in the smart phone category by or in 2010. The full flash version on a Mac or PC is a significant processor hog - grossly so. I cringe when I come across a website with huge ads/promotions and/or video provided via flash. When I use my old TiBook 800 purchased in the spring of 2002, flash content brings the computer to its knees. I can do nothing else until the content loads - it should not be this way. Even on a newer computer with a much faster processor and more RAM, it is better, but being a significant processor hog is still evident. Garbage IMO, and I hope something else comes along that makes flash go bye-bye.
If it ever is available with Safari on the iPhone, it better include an on/off switch since I'll be leaving it off most of the time if not always. To each his/her own, but I haven't missed not having a garbage flash plugin on my iPhone in the least.