Yup! Flex Apps on your mobile. And I'm not talking about Flash Lite and you won't need CS5 either.
ELIPS Studio converts the Flex code in native code for Windows Mobile, Symbian, Android, iPhone and mass-market mobiles. It's still beta and you have to register for a beta account to get it but I think will do wonders for the mobile dev. world.
And in their words:
"ELIPS Studio 3 is a plug-in for Adobe Flex Builder, a widely used IDE for internet & desktop application. Our plug-in allows Flex to go mobile!
The product offers a mobile-optimized Flex Framework, plus numerous Flex extensions, including mobile UI components & access to mobile device features (voice call, SMS, access to calendar and contacts, to the camera, etc.)
The product includes a form-factor device simulator allowing you to see your application behavior on different devices. It also includes a network simulator allowing to generate calls, SMS, etc."
So..get it while it's hot