Today Microsoft and Adobe announced that Flash Lite will be licensing Flash Lite and Reader LE for Windows Mobile devices. Flash Lite may not be able to accommodate everything that the desktop Flash player can do, but its inclusion should open up the door to more content viewable on Windows Mobile devices. Of course, Microsoft has its own competing standard for such content in Silverlight, but with its arrival on mobiles not slated for some time and with Silverlight still not able to read Flash content for some time, so I see it as more than a stopgap measure.
Adobe has seen a number of operators, such as Verizon Wireless here in the U.S., use Flash Lite as a platform for user interfaces. Enabling Windows Mobile to include such functionality should make that operating system a more viable contender for mainstream handsets.