If Flash player does come out for the iPhone, it woud not be Flash 9, it would be Flash Lite(3), which is specifically designed for hardware limited devices, so it would be snappy -- well, if the dev is experienced.
That doesn't make sense. Flash Lite is used for making full-screen mobile applications using a subset of Flash functionality. You don't embed Flash Lite in web pages. The iPhone's Safari browser is used to experience the real web. So, in order for sites using Flash to work in a browser, it needs to be the real thing, not Flash Lite.