Adobe announced today that they are starting an Open Screen project. I am still trying to figure out exactly what this means, but from what I can tell from the FAQ they are trying to set a standard for their swf and FLV files. So instead of using Flash Lite for mobile, Adobe AIR for desktop, and Flash Player for the web, there will just be one standard. They will do this by removing restrictions on SWF/FLV files and add API's for porting or possibly merging the different technologies.
That is just my take on it. I am still trying to understand the long term effects. Leave a comment if you have some insight.