Adobe Launches Flash Lite 3 supports Video
We might be able to see Streaming Flash Video soon on mobile phones using Flash Lite. Adobe announced the Flash Lite 3 today with FLV Support.
Flash Lite is the mobile version of the desktop Adobe (formerly Macromedia) Flash player
Adobe said more than 300 million mobile devices equipped with previous versions of Flash had already been shipped and it expected more than a billion Flash-enabled devices to be available by 2010.
Forum Nokia is also working with Adobe to bring Flash Lite to its Handsets
Check out the devices supporting flash lite page