I think that Adobe has botched Flash. Probably irreparably.

However, the demand for what Flash does well hasn't gone anywhere and hasn't been effectively replaced by another technology. HTML5 hasn't replaced it. 99% of apps on iOS wouldn't impress a 5-year-old in 2002, let alone 2012. This betrays that iOS development has yet to become a cost effective solution for most companies.

Some of these "translation" efforts like Skinner's posted above seem promising. Unless some unexpected technology rises or Flash comes back, I guess that's where we're headed. Frustrating to realize that this layer comes with a cost and is completely unnecessary from a technology stand-point.