Something that produces iPhone code out of Flex/Flash code and vice-versa? That sounds impossible (I don't know either one) but if it were, it could be cash cow, no?
There's a library called CoreAnimation that's similar in some ways to Flash, supporting keyframes and tweening and such. The iPhone also has (an unofficial) port of Rhino, to run the needed ActionScript. (Compiling that to native code would be a whole 'nother matter.)
This is actually something I've considered working on. And no, it's not impossible!
It could be implemented as a flash llvm front-end with an objective C emitter. You'd also need to write a Flash VM in objective C, which I haven't looked seriously at but wouldn't be trivial.
Most importantly, a system like this would allow you write any application UI in Flash. A C developer, say, could then leverage Adobe's interface builders and the flex library without the need for disgusting hacks.
