Blame Adobe indeed
Would this be the same Adobe which to date has still not released a 64bit version of Flash for Windows, and which only released a 64bit version for Linux at the end of 2008? I think it might...
http://kb2.adobe.com/cps/000/6b3af6c9.html
Someone can probably correct me here, but I heard the main reason they had so much trouble was because nobody understood their Javascript JIT and only after open sourcing it as part of the Mozilla project* did it get the attention of sufficiently clever people to make it compile and work under a 64bit compiler. I could be totally wrong though - I can't claim to be in the loop.
If the above is true, then I think well-performing ARM might be a tall order for 'em. Now Intel's going to be releasing low-power x86 CPUs for mobiles, I think we can forget about ARM for as long as flash is the web's killer app (yeah, it makes me sick too.).
Then again I'm still holding out for the utopian future without NAT, where everyone is authenticated using some kind of web of trust federation akin to a bastard child of kerberos and gnupg, where IPv4 is in the minority and HTTP is no longer used as a universal tunnel protocol.
Paris, 'cos she's got about as much chance as Adobe of producing a cross-platform version of flash that doesn't suck.
* http://www.mozilla.org/projects/tamarin/
"The immediate goals for Tamarin is to support a broader ranger of hardware platforms, including ARM and X64"