Adobe has given us a nice taste of what Air is capable of. Using the upcoming version 2.5, Adobe developer Mark Doherty created a demo of video calling on Android on two Nexus Ones, which he cleverly called “FlashTime” (a not-so-subtle jab at Apple’s FaceTime.)
Doherty tells us that Air 2.5 adds support for many features, including use of cameras and microphones on a device, and that the Android version is on par feature-wise with its desktop equivalent; however, though these features are “working,” he also tells us that they may not make it into the final release of Air.
As for the video calling itself, it is not an Adobe product and will never be released as such. Doherty plans to release the code for the program when it becomes stable, and at the same time give it an official name, as "FlashTime" is simply a placeholder
Source: Flash Mobile Blog