Seems like Windows Mobile 7 won’t be having flash support for quite some time now. Adobe has issued a brief statement in this regard:
Microsoft and Adobe are working closely together. While the newest version of Windows Phone won’t support Flash at initial availability, both companies are working to include a browser plug-in for the full Flash player in future versions of Windows Phone. More details will be shared at Microsoft MIX next month.
Though this statement seems positive, bear in mind that Adobe has promised us flash support for Android but we won’t be seeing it for atleast 3 months. This might place Windows Mobile 7’s time someplace in second half of this year.