Ya, but Adobe expressly states that reverse engineering and/or recompiling their software is a violation of their licensing agreement. I'm pretty sure that their lawyers are very well paid. I'm not saying "Don't use this", all I'm saying is that we should be a little more circumspect.
		
		
	 
Well.. IF we want to get really techincal... Have you ever read the license agreement for just about 
ANY software on Android that is 
not Open Source? For example, Android Market.. A 
very commonly redistributed app... It says you are not allowed to reproduce it. Pretty much any closed source app is this way... 
[INFO]3.5    Unless you have been specifically permitted to do so in a separate  agreement with Google, you agree that you will not reproduce, duplicate,  copy, sell, trade or resell the Market for any purpose.  [/INFO]
[INFO]3.8    You agree that Google and/or third parties own all right, title and  interest in and to the Market and the Products available through the  Market, including without limitation all applicable Intellectual  Property Rights in the Products.  "Intellectual Property Rights" means  any and all rights existing under patent law, copyright law, trade  secret law, trademark law, unfair competition law, and any and all other  proprietary rights worldwide.  You agree that you will not, and will  not allow any third party to, (i) copy, sell, license, distribute,  transfer, modify, adapt, translate, prepare derivative works from,  decompile, reverse engineer, disassemble or otherwise attempt to derive  source code from the Products, unless otherwise permitted, (ii) take any  action to circumvent or defeat the security or content usage rules  provided, deployed or enforced by any functionality (including without  limitation digital rights management or forward-lock functionality) in  the Products, (iii) use the Products to access, copy, transfer,  transcode or retransmit content in violation of any law or third party  rights, or (iv) remove, obscure, or alter Google's or any third party's  copyright notices, trademarks, or other proprietary rights notices  affixed to or contained within the Products.  [/INFO]
So to sum it up... If you have ever downloaded a version of market that did not come from Google you broke the rules! This includes, Custom ROMS, Themed apps, etc...
Granted, Google has enforced this only one time that I am aware of and that is with CyanogenMod. I dont know why they would do that but ti was pretty lame. 
Full Market TOS here: 
Android Market Terms of Service
Do you think I am worried that Google or Adobe will come after me? Nahhhh... Highly doubt they will. Could they? Yup! Should we all site here and worry about it? Nahhh... I wouldnt.