The one thing I miss on my iPod Touch is the ability to watch videos in the Facebook app. However, that is not a problem with the Facebook app. It is a very well know fact that users cannot run Flash applications or websites on the iPhone and iPod Touch.
To overcome this issue, some developers have come up with a workaround which will allow users to run Flash on a iPhone on the Safari web browser. According to TUAW, the project is a open source project named the Gordon Project, and is hosted on github.
In my experience the flash files loaded fine, however it was pretty slow. It can be expected though, since this is a very preliminary build. You can expect it to improve and show better performance in future builds. Developing flash based websites using the Gordon Project is not very easy though, you can find instructions on how to use this JS framework here.
Rest aside, this is pretty exciting as there are not plans from Apple to actually include Flash support on the iPhone and iPod Touch, the Gordon project at-least gives developers an alternative to work with.