Preview at WWDC likely in June, followed by September launch.
No Adobe Flash Support on the iPhone
Flash support has been a long unanswered question about the Apple iPhone. Steve Jobs had made comments early on that we might see Flash in iPhone according to David Pogue:
Markoff: Flash [in the iPhone]?
Jobs: Well, you might see that.
Of note, Jobs did say that Youtube support would be in the iPhone... but by sidestepping Flash altogether:
Jobs: Yeah, YouTubeof course. But you dont need to have Flash to show YouTube. All you need to do is deal with YouTube. And plus, we could get em to up their video resolution at the same time, by using h.264 instead of the old codec.
This portion of Jobs' plan came true with the Youtube addon for Apple TV which will require Youtube to convert their catalog of videos into the h.264 format.