Nos, the corporate importance of Flash is minimal. It's a plug-in for animation. A corporate website is really only a small part of most companies - Marketting. Many sites use Flash and it is being adopted by advertising but it's still not the core driver for any business, like Adobe Acrobat, Adobe Photoshop or Adobe Illustrator. These three products are, for many big businesses, the core product that they use and require. There are companies that use flash, of course, but these tend to be companies that are set up specifically for the creation of flash for other businesses.
Producing a phone with a logo on it and creating an application that welds the best parts of two companies together is not comparable. The application of technology for Macromedia and Adobe is very different. For example, if they produce a new version of Flash that works a lot like Illustrator but doesn't use the same interface of either - neither the Illustrator or the Flash community will be happy with it. There will need to be concessions. Merging two technologies that do not share common code will be very difficult indeed and someone is not going to be impressed with the result.
Generally, I'd like to think that the merging of these two companies will be a good thing. Separately, they have done very well and I hope their new size (and the inertia that goes with it) does not mean that they cannot evolve to meet trends. However, across the web are endless blogs/forum posts and so on waxing lyrical about the purchase without any consideration about the practicalities or the dangers of a purchase like this. Perhaps the Adobe shareholders might think Flash is not profitable enough (compared to the Adobe products) and they stop the product line. Unlikely but it could happen. More likely, Adobe might make people pay to download the Flash plugin - thus improving it's pofitability. These kinds of change of policy are precisely the sort of things that happen when one company buys another. I've been on the inside when these sorts of things have happened.
Optimistically, I am looking forward to the possibilities, being a long term user of products from both companies but at the same time I think it's wise to be cautious. Adobe bought Macromedia for a very good reason and I am willing to bet it wasn't because "We can make better products".