Don’t expect this anytime soon on iPhones that are not jailbroken. But if you are one of those people who is happy to jailbreak your iDevice then this is likely to be available from the usual non-Apple (Cydia) App Stores at some point in the near future.
Here is a short video showing the hack in action:
Is Flash natively on your iPhone something that would make you jailbreak? Let us know in the comments.