With the release of Apple's iPhone SDK, Adobe has started developing flash for the iphone. This is great news for iPhone\iPod Touch owners because it would allow them to access many websites that have been developed in flash.
Not having Flash on the iPhone has been a problem for many website developers who cannot run their sites on the devices. Youtube, for example, is primarily flash based website and Apple had to make an agreement with them to start distribute their videos using h.264 codec and not flash in order for their users to view their videos.
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