I think there's a huge amount of opportunity for Adobe here. Application development for mobile devices is a developing market. There's room for something new. A new programming language, a new framework, new things I can't even imagine involving location, clouds, whatever.
Pushing Flash because it's a dominant player in a legacy market is a little like going back to 1995 and arguing that people ought to be able to make web servers in PowerBuilder because that's the language everyone is using for business applications.
Adobe doesn't call me up and tell me how to write software, so I'm loathe to tell them what to do. I'll just say that it would be incredibly cool if they went out and bought some tiny startup or lab with a really revolutionary product and pimped it out as the successor to Flash for mobile devices.