All that's available right now is a selection of animated advertisements, including ones for Microsoft and the Batman computer game, which demonstrate that the concept works but aren't exactly pushing the boundaries of what's possible in Flash.
But then such advertisements make up the bulk of Flash content on the internet, and if Smokesceen can't replicate the interactivity of Farmville then everyone could be a winner: Apple preserves its application revenue stream while advertisers get to show animated adverts without mucking about with HTML. But that's forgetting that Apple has plans for its own advertising revenue stream compete with interactive animations, so even making basic animations work risks annoying Cupertino.
With basic animated content the technology works, but success will depend on how well it performs with more complicated applications, and on how Adobe feels about the whole thing. ®