Despite the news that Adobe will no longer be developing Flash for Android, Adobe have announced that they will develop Flash for Ice Cream Sandwich. It will arrive on ICS devices, such as the Galaxy Nexus, by the end of the year.
All is not lost (for now), as Adobe will still release bug fixes and security patches. However, this also means that there will not be Flash on the version after ICS, whatever it may happen to be called.
After that, Adobe AIR and HTML5 will have to the job of replacing it.