The upcoming version of Flash CS5 will allow you the option to “Export Project to native iPhone application.” You then get a file you can submit to the App Store. This isn’t some far of alpha either. There are already apps in the app store (South Park!) that have been developed with Flash, though a full release isn’t expected to be out until Flash CS5 – which you can be notified of here.
Wow.
Wow… Indeed.
Via Adobe shows off Flash Apps for iPhone (wha?!) | 9 to 5 Mac