There has been a lot of cockfight between Adobe and Apple recently, and sure.. now we all know it's not about technology but about market dominance. In summary, Apple blames Flash's stability and claims HTML5 is the future.
So to me, it's very obvious what Flash will do next. Support HTML5 export from Flash designer suite. Adobe was so close to make iPhone export feature happening anyways so doing it for HTML5 won't be that hard. And since HTML5 is an open standard, Apple can't do anything about it: if anything is running on HTML5 that's it.
Also there is no good "graphical" HTML5 editors out there in market yet. So Flash can be the first developer environment for both graphics and codes for HTML5 era.
Let's see if Adobe is smart enough to go down that path and not letting Flash die.