Well it's nice to see Adobe owning up to an error, even if the correction is buried on the Flash blog and issued as a midnight missive (OK, they've amended the tech note as well). Remember when Adobe issued a tech note saying hardware acceleration was disabled in Lion? Apparently Adobe was referring to a pre-release version of Lion, as the currently available version of 10.7 in the Mac App Store does indeed support the very same hardware acceleration provided in 10.6 Snow Leopard.
Those fans you hear spinning faster and faster on your Lion-powered machines are just the same Flash player we've all come to know and love since the turn of the century. If you're looking to limit your exposure, there are several good options.