Flash as a mobile game platform

I have been reading a few articles and some blog post arguing the virtues of flash as a mobile game deve platform. I have my own reasons for being a little less than enthusiastic about a mobile flash player. The cost of the dev suite is rather high and the player in its current incarnation doesn't perform well on desktop computers let alone low memory mobile devices. Let me say that I love flash and have been a pretty loyal community member since the old future splash days. I am not hatin', I understand the comfort and control writing things in actionscript using the flash and flex IDEs can give. I just think that better performance can be squeezed out of compiled code.