It's not quite the full-blown version but Adobe reckons it will work with 80% of websites that use Flash, which is 80% more than iPhone's Safari browser manages.
The list also happens to include the standard YouTube website, meaning Windows Mobiles will also be YouTube compatible. Hurrah!
Just one catch - Microsoft hasn't said when it'll be flicking the switch on the new plug-in. It's promised that the upcoming Windows Mobile 7 will have it ready-installed. Hopefully the rest of us will be able to get our hands on it sometime before then.