Adobe, just like any entity, deserves a true projection.
If I sat on HN bashing Adobe I'd have much higher karma. Good thing I'm not here for karma.
Air is not really worth it without hw accel. IMO.
I'm not sure that most desktop AIR apps will translate nicely to the mobile experience at first, nor will you see a lot of nice ports of desktop AIR apps for some time.
Having AIR across all the major mobile OS's (except Apple's) would make it quite compelling as a mobile development platform, though.