According to a recent Walt Mossberg's Q/A report posted on AllThingsDigital, Adobe and Apple should bring Flash to the iPhone in the "next couple of months".

At launch, the iPhone version of the Safari browser is missing some plug-ins needed for playing common types of Web videos. The most important of these is the plug-in for Adobe’s Flash technology. Apple says it plans to add that plug-in through an early software update, which I am guessing will occur within the next couple of months. However, a separate program included on the iPhone can play a limited selection of videos from YouTube, and the phone can play videos you purchase from Apple’s iTunes store, and certain videos you create yourself.

The article answers [1] to other reader questions related to the iPhone. Among topics covered, battery, Bluetooth, E-mail, AT&T's contract and EDGE.