How flash on iPhone works

Hot on the heels of the last post announcing Flash on iPhone, here is some information about how Flash actually works on the iPhone.  
 
CS5 cleverly converts AS3 code to native ARM assembly code so that the iPhone does not need to interpret the code at runtime.  As well as being clever, this should theoretically result in a performance boost too.  There are some caveats though - although the iPhone can load external swf files, any AS code in the swf is ignored (due to Apple's licence agreement).
 
A big point to note is that performance of Flash on the iPhone is limited, so you'll need to use those Flash Lite tips and tricks (that we are so good at!) to ensure your app retains a high frame rate.  Good news, though, is that you can make use of the OpnGL ES rendering pipeline, though there is some work involved (in Actionscript) to make this work.
 
The iPhone developer FAQ is a little limited at present, but will be updated nearer the time the CS5 beta becomes available.