As shocking it might sound it is true, i have accidently discovered it yesterday. It is a bit wonky, i had few issues playing some videos on full screen but generally it works just as on 4.0+.
You dont need hacked flash player. :D
1. Download and...
You people are on XDA for over a year and still dont know to make logcat when reporting bugs?
CM7 Version Download (flash it only if you use CM7 ROM!)
Reboot your phone into recovery.
Choose “install zip from sd card.”
”Choose zip from sd card.”
Select the file you downloaded from above.