We all know the iPhone can't do flash, which stinks, because 'The Steve' promised us the 'Real Internet' and since the real internet is peppered with flash, we can't really experience the real internet without it. (Sorry, Steve, it just ain't real without flash.)
Well, we here at iPhonePOV have stopped crying long enough to try and solve the 'flash video dilemma' and have discovered a neat (and hopefully temporary) solution called Vconvert. This free website will gobble up the web address of any page containing flash video (like all of youtube) and convert the video into a variety of formats, including one that your iPhone can play. We're the first to admit it's a pain in the ass, but if you want a flash video on your iPhone, this is the easiest way to do it.
NOTE: This website is for your desktop computer, not your iPhone. After you have converted and downloaded your video, you will have to sync it into your iPhone with iTunes.
UPDATE 1: Many iPhonePOV readers have pointed out that this site is often offline (meaning the link above often does not work.) Sorry, good things don't last forever.