Last I checked no flash dose not work on our optimus V. We only have an arm6 processor and currently flash dose not code for it. Unless this update finally add our phones but I doubt it.
edit: I should say its "officially" dose not support our phone. I believe some hacked versions do but they don't work that great.
I can confirm this one still works. I install flash player 10.1 every new IHO rom update. I dont have to install youtube app. quite a few flash sites work just fine with stock browser, like newgrounds, youtube etc. ( just set to on demand on browser settings)
I have 10.2 on my OV. it works a thousand times better than 10.1, which ran so slow it wasn't really usable. 10.2 works great. I think there is a 10.3 now, haven't tried it yet though.