Uncle Steve still hates Flash code on any and all Apple hardware. In other news, America has a black president.
Stating the obvious aside, that hasn't stopped at least one mobile advertising network from bringing a Flash ad-like experience to the iPad. Greystripe now offers an "iFlash" technology which basically transcribes Flash code into iPhone/iPad-friendly content, which they claim have a higher click-through rates than the Flash originals. Currently, Greystripe customers include HP, Burger King, Axe, Dunlop and LeapFrog.
Coupled with Brightcove's recent HTML5-based streaming video player, it seems that Flash-free necessity really is the "Mother of iNvention."