Exciting times if you're working with Flash Platform technologies, the idea of deploying the same codebase to multiple screens is really taking shape and I for one couldn't be happier. AIR already allowed us to go cross platform with desktop apps (Windows, Mac and Linux), obviously the Flash Player allows the same across browsers and now with devices you can run your code on Palm webOS, Android devices and even package as apps for iPhone and the new iPad.
I'm pleasantly surprised about performance they've been able to achieve, that is one area I honestly had my doubts about but they seem to have pulled it off with flying colors (a testament to Flash Player 10.1 mobile optimization).
While we can argue all day long about Apple's decision not to have Flash Player support in their iPhone OS browser or how HTML5 is increasingly becoming an alternative to Flash -- this to me emphasizes the power of the Flash Platform tools and why it has a bright future ahead.
Thank you Adobe engineers for being lazy! ;)