Opera Software will be unveiling Opera Mini for iPhone next week at Barcelona's Mobile World Congress, the company announced in a press release this morning.
They haven't submitted it to Apple yet and we have no information about whether they ever will. The PR stunt is most likely aimed at driving some attention to their line of browser which will be launched on many other devices as well.
Anyway, the browser itself doesn't seem to be putting anything new on the table, and no, it doesn't have flash.
Opera Mini is renowned for its compression technology, which results in significantly faster Web-page loading and reduces data surcharges. With favorite desktop features in its arsenal, such as tabs, Speed Dial and the password manager, Opera Mini is designed with usability in mind.
Even if submitted, Apple will most likely never approve it. And even if they do, the usage will be strongly limited by the fact that whenever you click a link, the default browser will stay mobile safari.