From the Adobe blog:
Adobe unveiled AIR running on Android OS. Expected to ship later this year, AIR for Android takes advantage of mobile features from Flash Player 10.1 and is optimized for mobile screens. Developers can use Flash Professional to build apps for the iPhone and deliver those same apps to other platforms on AIR, including Android. Developers can also use AIR to leverage mobile-specific functionality—such as multi-touch, gesture inputs, accelerometer input, GPS and screen orientation—to deliver richer and more immersive user experiences across multiple operating systems through mobile marketplaces and app stores. To see what the buzz is about, watch a video of Kevin Hoyt below demoing AIR mobile apps - Tweetbox, Southpark, Connect -on the Motorola Droid.
Conde Nast uses Adobe Air under the hood of the iPhone edition of GQ.