I have a Galaxy Nexus, and I know this will be an unpopular opinion, but I find Flash works pretty well on the device. Granted, I only use it for video content on sites like the BBC, but the underlying functionality is fine. I don't think Flash has a future on mobile devices, but HTML5-based solutions aren't up to scratch for general use yet, so I don't think Adobe should throw in the towel just yet.
This isn't a technology move, however, but rather is a revenue move: Adobe makes no money from Flash, but instead makes money from authoring tools. The lack of an iOS target is killing the authoring tools on the Flash side (who would build a new site or delivery mechanism using Flash when you know it cuts out a huge portion of the market?). So Adobe is refocusing on HTML5 tools.
Even though Flash is useful today, Google doesn't want to inherit the cost and risk of developing it on mobile so....no more Flash.