For those who just can't wait till Opera 9.7+ and want to add Flash support to your existing in-ROM Opera Mobile browser, aDEO at XDA has updated that amazing little tool called fixOperaFlash.
Hacking Flash into Opera has been around for awhile, but aDEO's app makes it the process a matter of clicking a few buttons with a fancy and sophisticated installer. The program was just recently updated to v1.5.2, with updated Flash library package and some minor bug fixes.
Basically you just download the .exe, put it into your \Windows\Opera direction, run it and follow the directions so detailed here. Make sure you choose the right device from the selector.
So how does it work? Pretty well though any limitations come clearly from our aging MSM processors, which struggle to run Flash inside of the resource intensive Opera Mobile browser--in other words, don't plan on too much multi-tasking when watching embedded YouTube videos! Still, it works well on the Touch Pro 2.
Having said that, this is a great example of smart programming, so give it a spin if Flash is what you need.