For all his bluster yesterday, it seems Adobe CEO Shantanu Narayen has misjudged their ability to deliver Flash around the iPhone SDK’s multitude of restrictions.

One suspects a developer or two lent the CEO their thoughts as he took a more moderate tone today as to prospects of the client saying “…to bring the full capabilities of Flash to the iPhone Web-browsing experience we do need to work with Apple beyond and above what is available through the SDK and the current license around it.”

Will Apple give Adobe an access all areas pass? Will Adobe’s task prove too great? We love Flash, we love the iPhone but will the twain ever meet?