Lots of folks have been talking about bringing Flash to the PSP, and it's finally here. The new Sony PSP ROM update 2.70 includes a custom version of the Flash player, created by Adobe and Sony.
Bill Perry, associate and Adobe Mobile and Devices manager has a great post on it.
This would be a wise solution for student mobile/handheld projects.
And if you need to have Flash Player 7 functionality, you can hack it.