Adobe and ARM announced Monday that the two companies will be collaborating on optimizing Flash Player 10 and Adobe AIR to function on ARM-powered devices. The optimized software will focus specifically on devices powered by the ARM11 family of processors, Apple’s iPhone (currently) being among these.

The collaboration is expected to accelerate the mobile graphics and video capabilities found on ARM-equipped platforms to bring Internet applications and web services to mobile devices.

As of now, the project is expected to be finished by the second half of 2009. Though the statement released by the companies doesn’t specifically mention the iPhone, the iPhone does use a similar processor and could see changes at the end of the project.

If this works out, there’s a sporting chance that this could finally mean Flash for the iPhone is en route and if the optimization project pays off, then it could mean Flash web apps and video are in the foreseeable future.

That said, the issue is not as simple as it may otherwise seem, as Apple may transition the iPhone and/or iPod a processor made by PA Semi, a semiconductor firm the computer giant purchased earlier this year. Apple has been widely expected to eventually transition either or both of those product lines to processors made by the company, which could make Adobe’s efforts with ARM a moot issue.

Of course, Apple’s track record of secrecy means that no one outside of the company knows where the iPhone and iPod are headed, or whether or not it would be interested in further working with Adobe to bring Flash to those products.

Apple CEO Steve Jobs has been vocal in his criticism regarding Adobe’s Flash technology with regard to the iPhone, saying that Apple hadn’t brought Flash to the iPhone due to performance issues. It would be ironic, perhaps, if Adobe and ARM solved those performance issues just in time for Apple to move the iPhone to a new processor. Only time will tell, however, so stay tuned to this space.