Right now there is no word on Adobe Air 2.5 landing on Windows Phone 7 devices. However, we have heard that Adobe Flash 10.1 will be landing on Windows Phone 7 on all future versions of the phone. The information comes from this section of text found in the Adobe Air 2.5 press release that went out earlier today.
With Flash Player 10.1 available on Android and Google TV today, BlackBerry platform, webOS, future versions of Windows® Phone, LiMo, MeeGo,and Symbian OS are also expected to support Flash Player 10.1