Adobe showcased Adobe AIR on a Google Nexus One at the Flash Summit in San Francisco. With the demonstration came the announcement that Adobe AIR 2.5 should be ready by Q4 2010. Unfortunately, Adobe AIR will only work on devices with an ARMv7 processor or better, Android 2.2, and OpenGL ES 2.0. Engadget adds that Adobe said phones which can run Flash 10.1 will likely also be able to run Adobe AIR.
Engadget adds that "Adobe says it wants to have Adobe AIR for Android runtimes publicly available in the Android Market, along with an initial batch of apps, and fairly exciting potential for more."
Check out this video from Android Central showing off Adobe AIR for Android:
Engadget also mentions that "the Android release will be part of AIR 2.5 and grant would-be developers access to your smartphone's camera, microphone, accelerometer and GPS as well as providing hardware GPU acceleration and multitouch input" and could possibility result in "completely serious and not at all game related utilities down the road."
Other Sources: Android Central
Image from Android Central