Our future work with Flash on mobile devices will be focused on enabling Flash developers to package native apps with Adobe AIR for all the major app stores. We will no longer continue to develop Flash Player in the browser to work with new mobile device configurations (chipset, browser, OS version, etc.) following the upcoming release of Flash Player 11.1 for Android and BlackBerry PlayBook. We will of course continue to provide critical bug fixes and security updates for existing device configurations. We will also allow our source code licensees to continue working on and release their own implementations. - Adobe
HTML5 is now universally supported on major mobile devices, in some cases exclusively. This makes HTML5 the best solution for creating and deploying content in the browser across mobile platforms. - Adobe
Where does that leave flex developers for web based applications. Ouch.