I've long thought of Flash Lite as something similar to actionscript, for mobile browsers.
But today I tried to create a Flash Lite project in flash cs5 but found it seems to be some kind of Flash Player ?
Which is the case ?
If it's the latter case, is actionscript for Flash Lite the same as actionscript for Flash Player or has some kind of difference?
Flash lite is indeed a stripped down flash player for embedded devices. With the latest round of smartphones using the "real" flash player you may be better off ignoring it. (I do flash lite development in my day job for around 60,000 devices worldwide, but I still recommend bypassing it and just concentrating on Flash 10+)
Basically, take all the advanced features out of flash and make it small enough to fit on now archaic devices. (Sorry, it's the truth!)