I just read this post which said flash player 10.1 provides consistent runtime for desktop and mobile devices.
I just asked a question on porting a desktop application to mobile here, but if flash player 10.1 is available I won't bother to do the porting stuff.
UPDATE
Can someone give a link where mentions about the consistent runtime for desktop and mobile ?
Yes, i think it's there. Check here. http://get.adobe.com/flashplayer/
Adobe is providing it for download.