For now the choice is between no Flash on the iPhone, and seriously buggy Flash on Android. For what I want (and I accept others are different) there's really no difference between these two options - if I can't rely on it, I'm not interested.
I'd be interested to know what the view of the engineers inside Adobe is though. From everything I see and hear what's shipped so far is bad enough that it probably shouldn't have been released into the wild.
Were they aware of that and was it pressure from the top that forced them to release it as it is? Or are the problems things which result from the significant scaling up of the number of devices and users? And do they have faith that these things can be solved before HTML5 gets a big enough foothold that they've got a real fight on their hands?
Getting back on topic, does the ability to compile Flash code to a native iPhone app actually undermine the need for Flash in the browser? If the biggest players can just release an app which reuses their existing code and fulfils the specific need they have, do they care that it's not through the browser?