It's an interesting idea. Some observations and questions, devu.

You mention that this is for the N900, and someone asked about older devices. But if I understand correctly, what you're doing is cross platform. I'm accessing the Flaemo site on my N810 and I can access it on my desktop. I'm guessing that everything you do will work for older Internet Tablets as long as:

1. Everything you do runs in Flash 9. We've been told we're not getting Flash 10.
2. Demands on the processor aren't too great. Flaemo runs smoothly on my N810, but most Flash games do not, even on low quality mode. We would probably want to be able to turn off desktop effects, for example.
3. You're not doing something specific to N900 hardware. For example, pre-N900 devices don't have cellular capability.

Questions:
Q1. Will your stuff run offline, or will it require an Internet connection?
Q2. Similar -- will it run off a web site or be downloaded to run locally?
Q3. How will you attract developers? I'm guessing that Flash developers are used to a certain business model: using their Flash app to attract people to a site with ads. But it sounds like you're doing something quite different -- using Flash as a development platform for various mobile devices. Will Flash developers catch the vision?