According to new updated section of Apple agreement version 3.3.1

3.3.1 – Applications may only use Documented APIs in the manner prescribed by Apple and must not use or call any private APIs. Applications must be originally written in Objective-C, C, C++, or JavaScript as executed by the iPhone OS WebKit engine, and only code written in C, C++, and Objective-C may compile and directly link against the Documented APIs (e.g., Applications that link to Documented APIs through an intermediary translation or compatibility layer or tool are prohibited).

This means that Apple probably will refuse all apps developed using the new Flash CS5 and MonoTouch, forcing users to use theirs tools.

A suggestion to all the Flash developers that are waiting to use Flash CS5 to develop their applications for iPhone: WAIT, DON’T START HUGE PROJECTS AND GAMES UNTIL THE SITUATION WILL BE CLEARED, OTHERWISE YOU WILL RISK TO WASTE YOUR TIME.

UPDATE: i was right, no future for now for Flash -> iPhone developing, sorry folks.