Or,... Maybe Adobe was planning to release it in the way they currently do for most other platforms: Users get it from Adobe for the OS you have and install it yourself, via their repository. Maybe they then found a technical or legal "gottcha" in PR1.2 or the licensing from Nokia and are hitting a wall with Nokia.

Given the closed nature of both companies, I'm sure some NDAs were in place, and that most of the development was done on Adobes side. (Thus their ability to show a 10.1 version on their own N900.) It could be any number of things... Which is why I say the best thing to do is show support to Nokia (and Adobe) to get 10.1 on the device. Push them to push each other and it could actually happen.

As for going the bug tracker route, yes, it may or may not work. I can tell you complaining here definitely will not work. To win the lottery, you have to buy a ticket. Same goes here. The bug ticket may not win, but if you don't put it in an get people to vote for it, I can tell you it will definitely not win.... What's the harm in trying?