Earlier this month, Adobe announced that it would be halting development on the mobile version of Flash, which included support for Android devices. More recently, it was realized that the current version of Flash isn't compatible with Ice Cream Sandwich, leaving early adopters of the Galaxy Nexus without the ability to view flash content on the web.
Adobe has now confirmed that it will be bringing Flash to ICS devices before the end of 2011, but it will not support any version of Android past 4.0. Throughout the lifespan of ICS, Adobe will continue to push critical updates, bug fixes, and security updates to Flash for Android to ensure device security, but that will be the extent of development as far as mobile Flash is concerned.
Hopefully, but the time the "J" version of Android is released, HTML5 will have gained enough steam to be widely supported and take the place of Flash altogether, helping make the transition from Flash support to no Flash support as seamless as possible.