Just keep in mind, this doesn't "give you flash", rather it just extracts the mp4 or VP6 stream (which is html5 compliant, actually) and creates it own player.
The thing is, Adobe has said that the new versions of flash will support this kind of stream extraction directly as well, so the app won't be needed for long.
What gets me, however, is that everywhere I see folks talking about this, they seem to think Flash is only for video. This still doesn't give you access to anything else Flash does (interactive content, etc).
Certain websites with live content, galleries or interactive games that rely on Flash are still completely and totally inaccessible on iOS. Only way around that is to pick a different platform.