Here is a link showing how close Flash Player 10 is to release. They have it working on the Android G1 platform.
http://www.youtube.com/watch?v=ghIGj9r3_vc&eurl=http://androidforums.com/showthread.php?t=2962&feature=player_embedded
http://www.youtube.com/watch?v=ghIGj9r3_vc&eurl=http://androidforums.com/showthread.php?t=2962&feature=player_embedded