Last week Microsoft announced release of Windows Mobile 6.5 that included Flash Lite 3 plug-in for Internet Explorer. At the same time, several new WinMo based phones were announced such as HTC Tilt2, Imagio and Pure. With the addition of Flash, users can now view several web sites that are Flash enabled. (Of course the CPU/RAM limitation still comes in the picture, but all these are high end phones and hopefully will have a powerful CPU and should come with some sort of video acceleration.
Windows Mobile now has a leg up on competition when it comes to a browser supporting Flash. Blackberry, iPhone, Palm and Android- none have that at least as of today. I don’t think a standalone player is included in the release, so that will limit the ability of developers to create applications. However there may be a way to access IE plug-in outside of IE so it can be used as a standard ActiveX control similar to standalone player.