I have so many things I could say about this it’s ridiculous, but I’ll keep it short: if Adobe really wanted to make a difference here, they shouldn’t have involved consumers, but more actively involved developers. Get as many MonoTouch, Appcelerator, and Flash developers as you could to abandon Apple’s platform. (This may happen anyway when OS4 is in the wild.) Focus on your mobile libs, integrate them flawlessly in Flex Builder and tout them as easy-to-use alternates for non-iPhone users. Make sure your 3D stuff is up to snuff and you’re off to the races.
Also it would behoove them to get their heads out of their asses and create a product they could demo outside of a clean room.