There were some really cool Flash tools in the works around then. Some internal developers had gotten some version of Flash Alchemy to run Doom in the browser. There was a lot of work going on to add proper GPU integration into the platform. I got to see some cool prototypes. Ultimately though, my timing was poor. This was right around when Steve Jobs decided that the iPhone shouldn't run Flash. The internal lore/rumor mill was that some PM had missed Steve Jobs reporting crashes in Safari enough times that Jobs was just DONE with Flash and had decided to kill it on his platform. I have no idea how true that was.
There was a mad scramble at Adobe to try to figure out how to keep Flash running on the iPhone. The AIR team was actively looking into reverse engineering solutions so they could essentially deploy Flash apps that didn't look like they were written in Flash. They tried to rally the community with a "We There were a lot of reasons that Flash probably needed to go, but I wonder about what the web would have been if it hadn't been killed around that time. Regardless I hope this project succeeds. <3 Flash.