Back in October, we told you how the upcoming Adobe Flash Professional CS5 would be able to port existing Flash-based games and apps to the iPhone app format. Since then, Adobe has scotched a planned public beta of the technology, forcing many developers to wait until the official 2010 release of CS5.
Luckily, a select group of coders did get to participate in a closed beta program. InRunTime was one such shop, and now the fruits of their labor — a game called Alchemist — can be obtained from the App Store. (And obtain it soon: the game's web page lists a US$1.99 MSRP, but it's currently available for free…)
And Alchemist isn't the only entry: Adobe Labs lists a variety of Flash-based games on iTunes, ranging from a dreidel simulator to a South Park avatar creator.
Clearly, concerns about a Flash app potentially running amok in the closed iDevice architecture are not stopping Flash-base apps from getting App Store approval. If anything, it should open the floodgates for more and more developers to dip their feet in the iPool.
Accessories & Apps: Beta Testers Wanted
iOS Firmware/IPSW Download Guide
Legacy iTunes Download Archive
App Store Top Charts
iPhone and Android Resale Value Charts
USA iPhone Carrier Plans Compared
Complete iPhone Jailbreaking Guide 
Complete iPhone Specification Matrix 
They posted a demo of Alchemist:
I have tried it out on an iPhone and it feels no different than any other iPhone app. Can’t wait for Adobe to release CS5 so we can all take a crack at iPhone apps.