Adobe® Flash® Professional CS5 will include a Packager for iPhone that will let you publish ActionScript 3 projects to run as native applications for iPhone. These applications can be delivered to iPhone users through the Apple App Store.
Check it out: http://labs.adobe.com/technologies/flashcs5/appsfor_iphone/
Here's a blog dedicated to Adobe CS5 sneaks and peeks - http://cs5.org/
