A lot of mobile companies have been announcing "deals" so provide video on mobile devices. I put "deals" in quotes because what these "deals" usually amount to is "a new walled-garden service that you have to pay for because the tools to get it for free aren't easily available. Suck it, Net Neutrality for Mobile!" So when I see that software is becoming available that lets you bypass these annoying little services, I have to mention it.
Of course, Flash Lite doesn't currently support mobile video, but the next version will. Also of note - this bit is news is yet another 3GSM announcement that slipped under my radar, so thanks to slashphone for the tip!
Flash Lite will support the same video formats supported by Adobe Flash Player and will directly support video streams delivered by the Adobe Flash Media Server, allowing users to view a broad spectrum of Flash Player compatible content. Videos can be viewed in different forms within the Flash environment, including downloadable video clips, streaming videos, applications with user interfaces based on Flash or personalized content such as wallpapers or screensavers
Read: Adobe - Adobe Press Room