Yes, but at least one source posted here since Friday quoted Google as saying that an ICS update for Flash was coming.
Dang me, I can't find the link just now.
I suspect that many apps that restrict access or installation, there's a simple look-up table to see if something is good to go on a particular phone or revision.
If the app is ok and the lookup table is off, then just updating that table solves the problem.
This is exactly what was done (by an independent dev) to get video conferencing in Skype working on the Thunderbolt, Evo, SGS and others not so many months back.
I've enjoyed and relied on Flash - and have really enjoyed it on my phone for well over a year (like many here).
However - HTML5 (with wrapping for better video codecs) is really the way to go, and the way we expect that most sites can/will go.
Flash tends to be a resource hog - memory, especially cpu cycles, the whole bit.
So, until it's dead, I'm liking having the option, but I think many iPhone owners will tell you that since the heady days of Eclair and Froyo, most sites now support both HTML5 _and_ Flash and the site serves what the phone supports.