Adobe launched Creative Suite 5 this morning, and they left in the reference to their Flash-to-iPhone cross-compiler in their presentation on Flash, even stating that applications built with it would be accepted in the iTunes App Store. As you probably know, as of last week, Apple won't accept cross-compiled applications into the App Store. Adobe should have pulled the reference from their announcement, but they prerecorded the presentations some time ago and would have had to reshoot or re-edit the Flash segment over the weekend, and chose not to do so. In any event, there was no "miracle" agreement between Apple and Adobe over the weekend, and applications built using the Flash cross-compiler won't be accepted by Apple.
As for the announcement itself, it went much faster and was much smoother than the CS4 launch presentation. The downside is that the presenters were required to talk at high speed in order to present the new features of their products in the limited time available. It also seems to me (although I could be wrong) that the CS5 bundles are significantly more expensive than the CS4 or previous versions, both in full and upgrade pricing. CS4 wasn't a wildly successful upgrade to CS3, and we're still feeling the effects of the recession. CS5 adoption may be a lot slower than Adobe would like.