What are you missing by not having Flash?
All of the website I go to either have an iPhone-friendly version or the only flash on the site is ads, which I don't care about.
What are you hoping to do in Flash that you can't already do on the iPhone?
Hulu probably wouldn't work anyway, because they block just about every device except a PC, and I doubt most games would perform well at all.
Mobile site versions generally such and are not full featured.