You heard right, it's now possible to use Flash MX (Flash Player 6) on your PocketPC.
Combine this with the .NET Compact Framework, and you will have a pretty astounding app. Now I just need to find out how to embed this ActiveX control inside a .NETCF app... there's a nice article that shows how to tie together Flash MX and VB, so it's only a small step to move that to VB.NET on a PocketPC!
Let the fun begin...