Brightcove recently announced that they will support the upcoming release of Adobe’s Flash Player 10.1. Brightcove’s new optimized mobile version of the company’s cloud-based online video platform, dubbed the “Mobile Experience,” will utilize Adobe’s Flash 10.1 player to reproduce the Brightcove player experience on smartphones.

The news comes out of the Mobile World Congress happening this week in Barcelona (that’s in Spain for those that don’t know, not saying you don’t, just for those that didn’t).

Support for the player will allow users of Brightcove to reach a wider range of smartphones that will have support for it. No, that’s not the iPhone by the way. But it does include  Android, S60, Palm webOS, Windows Mobile and RIM’s BlackBerry. The platform will give a full load of features that one would expect from their video campaign including in-stream advertising, metrics, multi-bitrate streaming plus over 120 plugins that work in the Brightcove platform itself.

Customers already using the beta version of Brightcove’s mobile service include The New York Times, The Weinstein Group, AOL and National Geographic. Brightcove says that their “Mobile Experience” will be available to all customers later in the year for no additional cost.

Here is a video from Brightcove showing some examples of the mobile functionality at work:

Adobe and Brightcove are striding hand-in-hand into the future. While this will certainly help widen the appeal of Brightcove for those who want to target mobile and smartphone users it still begs the question, what about the iPhone? Sure this will allow the standard Brightcove player on the aforementioned platforms and it will have the same features as you get on the home compute, but there’s still a massive chunk of market not being catered to. It makes me wonder if Apple is up to something as they certainly don’t seem to be pushing the subject with Adobe.

Now Adobe has accused Apple in the pat of keeping Flash off the iPhone because it wants video content to go through the App Store so it gets its cut of the market. But at the end of January Adobe CEO Shantanu Narayen said that they and Apple are working to get it going. Really? It’s so hard that you haven’t done it yet? Oh wait, it’s probably got nothing to do with the technology and everything to do with who gets what share of what, when and where, doesn’t it? Steve Jobs had formerly said that Flash Lite just wasn’t up to Apple standards (but the iPad is?!).

The question is, when will the dust settle and when will we see the final product? Frankly, from the lackluster performance, resource allocation issues and several other ‘undocumented features’ of recent Flash versions makes me not want to run it on my iPhone. They can’t even get regular applications to run properly, I can’t imagine how unstable Flash on the iPhone would be at this time. Maybe it’ll be ready in time for Adobe Flash Player 10.5?