iTransmogrify is a bookmarklet for iPhone Safari which will allow you to view certain Flash content by, well, transmogrifying it. Actually, what it does is just replace the embedded flash player with a link to natively supported formats (i.e. QuickTime formats). So if you're looking at a page with an embedded Youtube video in Safari you can use the bookmarklet to view the video if Youtube has already converted it behind the scenes. It will also allow you to listen to embedded Flash MP3 content in the same way.
You can get the iTransmogrify bookmarklet from joemaller.com and the source is available on a Google code page.
Thanks to everyone who sent this in!