The issue in my eyes is, why bother apple? If someone writes a crappy app using a cross compiler. It won't sell, If you have that much faith in HTML5, let it win the fight (like Blu-ray vs HD DVD). Let it go away on its own. If it truly is an antiquated framework/language/system, it will disappear.
Apple isn't worried about the crappy apps, they're worried about the great apps that give Adobe leverage over what Apple does with the SDK going forward.
Another approach could be apple helping adobe improve flash. What is flash/flex missing? What makes it a poor buggy framework? What, in apple's opinion would help improve it?
Why should Apple do this? They don't think Flash is the best direction going forward. Why sink money into something you think is failing.
Flash has a place in the future of the web IMO. Let's take advertising for an example. With flash ads are dynamically loaded as one swf. And it gives full interaction, font control, video etc. To do that with HTML5 and Javascript, you would have to load, the javascript, fonts, and media. Separate, or do some kind of iframe. Having an encapsulated SWF makes much more sense. (unless I'm missing something, which I may)
I don't see why loading the media separately is that big a deal. It may mean a few more lines of code, but it also gives you more accessible source. Even with an open format, it probably takes much more work for search engines to examine an SWF. My knowledge is very, very limited here, so I could also be missing something too.
Also saying they only use open platforms, but then they themselves close off their device is nice misdirection. Android is far more 'open'.
I'm a long time apple fan, and an even longer time Adobe fan, and I think this is poor form on apple.
If adobe could afford it, (I'm sure they can't) they could pull all of CS from Apple. And apple computers would go away. I'm quite confident, (though may be wrong) that it's still professionals that keep apple going. And with out the professional utilities on os x, we would have to go to a windows based platform. And if Adobe offered its Creative Suite to something like Ubuntu, I would probably make the switch.
Just a rant

Please don't attack me.
I'm a long-time fan of both as well, but Adobe has done an excellent job of showing why they don't belong on either platform. From Flash applications not recognizing scroll input, to problems with Expose because they insist on writing their own windowing system on CS. I'm still using CS3 with Snow Leopard and see drawing issues every day where I need to switch to another app and switch back to get the precision cursors in Photoshop to show up. I rarely see these kinds of issues on older Mac-targetted applications. Also, do you think Apple would have kept Carbon around as long as they did without Adobe and Microsoft.
I think it's worth considering that other developers could step in if Adobe left the Mac. The print industry is changing, and that's where I believe users are still afraid to switch away. Remember, InDesign is still a relatively new application. I don't see Adobe as being any more competent than Quark now. 12 years ago most would assume that Xpress would be around forever.
Note: There are some decent Mac-based image editing applications available. It Photoshop wasn't around, I guarantee that you would see these grow much, much faster.
Those who are suggesting it wouldn't cost Apple anything to allow Flash on the platform aren't considering the implications of the technology. I'm not talking about foregone profits, I'm talking about the time Apple engineers would need to spend coordinating with the Flash team to ensure compatibility for the next OS. This would be significant, no buts about it. If Flash apps represented a significant portion of the App Store, nobody would update their device without checking compatibility notes. Does this sound familiar? It's what happens now when Apple releases an OS update. Innovative 3rd party developers need to keep supporting the older OS because users are tied into things like CS. This is exactly what Apple is trying to eliminate from their new platform.
Apple is trying to reinvent computing with the iPhone and iPad, and there is no place for the Adobe we know in this world. I would love to see the company change, but every interview I see suggests they're going to resist this.