Apple CEO Steve Jobs has been fairly vocal about his belief that Adobe's Flash Lite software isn't good enough to run on the iPhone. Rather than get all snarky, Adobe CEO Shantanu Narayen took the high road - the one that will definitely please his investors and iPhone owners alike - and said that his company is working on a version of Flash just for the iPhone.

According to a post on ZDNet, Narayen broke the news during Adobe's earnings call Tuesday afternoon.

The availability of the iPhone SDK will make developing the new Flash version a whole lot easier. Adobe plans on working with Apple to make sure the iPhone Flash player brings the most benefit to the device, Narayen said during the call.

Flash Lite is already installed on more than 500 million devices. Microsoft just licensed it for Windows Mobile devices, despite the fact that it developed Silverlight as an alternative to Flash. And Adobe is still developing an Apple-approved Flash for the iPhone. As ZDNet points out, the move "illustrates the clout that the iPhone has."