Now Adobe AIR allows you publish ActionScript 3 projects to run as native applications for the Android OS. The Android application store, Android Market will deliver these AIR apps to Android devices.

Developers can write new code or reuse existing web content to build AIR applications for the Android OS. It will get easier for developers to work on other mobile environments as source code and assets feature complete reusability across the Flash Platform runtimes, Adobe AIR and Flash Player.

Click here for a detailed read.