Yamakasi: The purpose, and scope, of Air and Flash is very different. In a VERY simplistic description, Air can access "low" level OS functions, while Flash lives inside a little box called browser, limiting its action.

I am a Flex coder and have kept my fingers well crossed, eagerly waiting for Air to miraculously debut on Maemo. It would open a very wide coding community, and we could easily (immediately) port an immense array of apps.

Also, with Air, the learning curve for potential new coders is less steep as with qt, etc.

As for speed, if Adobe would port it natively and not by some emulative/hacking process, i am sure we could have a pretty darn good framework to work with.

Just my $.02.