Adobe Flash being developed for Windows Phone

After an unholy row with Apple, the people at Adobe have mentioned that they are working on mobile versions of Flash for Windows Phone 7.

I find this slightly odd as WP7 will be running on a Silverlight based platform. You'll recall that Silverlight was introduced as a direct competitor to Flash (but has now developed into a much broader canvas)

I am guessing (literally) that Flash is being developed to work within the Browser on Windows Phone 7 which, as we know HAS to be a cutdown version of IE

Adobe say they are developing for Android and other OSs too.