There are some confusing news on what has been announced. The correct interpretation is that Adobe will stop investing in the FlashPlayer plugin embedded in mobile browsers and concentrate on AIR applications for mobile. So, Flex is still a viable platform to build AIR applications that runs both on desktop and mobile or other devices.
While HTML5 is great to build textual applications (and you can get some device support for multiple platforms using things like PhoneGap) AIR is still the only viable way to build multi-platforms real time/multimedia/p2p applications (leveraging LCCS and/or FMS) and it will be a long time before HTML5 will have equivalent features (and when it does we'll be happy to provide a migration/integration path).
Thanks for responding to this Raff. However, why isn't Adobe doing more to publically clear up a lot of this confusion. I find myself defending Flex at every possible opportunity that I can. As I think its the ONLY solution when it comes to client side wow factor front end development.
With that being said. The HTML5 pundits are out in full force, giving misinformation,
and leading smear campaigns against the Flex platform. I think Adobe needs to be on the Front lines in publically promoting Flex. Illustrating the glaring deficiencies