Will Adobe Flash be supported in iOS 5?
Flash videos, or more specifically, movies streamed via a Flash Object will likely never ever be officially supported in iOS as a first-party (built-in) feature.

Apple and Steve Jobs have a very firm stance against Adobe's Flash technologies, claiming that they perform poorly on mobile devices, cause the web browsing experience to be diminished, and drain battery life excessively.

Flash is not an announced feature in iOS 5.