A Flash 10.2 update is available for Android devices running Honeycomb, and Adobe is promising better video performance… when Android 3.1 comes out.
In the changelog, Adobe originally said that Flash 10.2 would require Android 3.1, but quickly changed that to say Android 3.0 and referenced a future update.
For Android 3 tablet devices, we highly recommend that you update your OS to an upcoming release of Android 3 (Honeycomb) to ensure that Flash Player delivers the best experience possible.
According to Droid Life, Flash 10.2 will still install on 3.0, but the improved performance will only kick in when 3.1 is released. [Android Market via Droid Life via Engadget via CrunchGear]