Adobe is planning to release a smartphone-compatible version of the Adobe AIR platform later this year. An Adobe exec just spoke about plans to release a version of AIR that supports mobile development and multiplatform development (i.e. Code once, deploy to mobile and desktop), starting with Android OS compatibility.
The Android version of AIR will ship in Q4 this year. Adobe declined to comment on any specifics regarding ship date, OTA vs pre-installed delivery channels, or minimum hardware requirements for AIR support. While the slide above lists RIM and Motorola as "public support" partners, nothing was mentioned about BlackBerry OS support or Motorola Android devices in particular.
UPDATE: Adobe just demoed some AIR apps running on a Nexus One, including the custom YouTube viewer in the photo below. The idea of Flash developers being able to develop once and distribute to the desktop and the Android Market is definitely intriguing. I wonder if it could bring a much needed boost to the somewhat flagging developer interest in Android Market.