Flash lite could be one of the main stream feature in future mobile phone. Here are a preview of the new features of the Flash Lite 2.0.

The major new features of the Flash Lite player are as follows:

• Flash 7 code base with support for ActionScript 2.0
  
• Video playback
  Flash Lite 2.0 now supports video playback using the video rendering application on the device. This means that any video file that the device supports can also be rendered in Flash Lite 2.0. (Typically this includes 3GPP and MPEG-4 files.)
  
• External XML parsing
  Flash Lite 2.0 supports loading and parsing of external XML using the familiar XML objects from Flash 7
  
• Local, persistent data on the device
  Lite 2.0 lets you save and load Flash data structures directly on the device. Local high-score lists, application preferences, and user input can now all be captured and stored on the device and then loaded the next time the SWF runs.
  
• Loadable external images and sounds
  It can now load external images and sounds—like JPEGs and MP3s—from the device itself or a network address

see http://www.macromedia.com/devnet/devices/articles/flashlite_v2_preview.html