Yes and no. There's a version of Flash on the Hero, but it's a bit pants to be honest. What we're all waiting for is Flash 10, which we should see appearing over the next few months, probably early next year. Apparently it needs some functionality that is available in Android 2.0, but not in earlier versions.
Flash on the Hero does work for some things (mostly adverts from my experience), but, for the most part, I'd just assume it doesn't have Flash. Flash 10 should give us the functionality we want when it appears.