My understanding of what Adobe was doing is that they're using LLVM to output the necessary ARM binary directly, not going to C/Objective-C and then using the standard tools by Apple to make the binary. It is probably worth noting that Apple doesn't even use LLVM/Clang for the iPhone yet; you still have to use gcc-4.2 to build your app.

What I'm curious about is what Adobe is that makes binaries much larger than the size it would be if it was in ObjC. As an example, the binary for Trading Stuff (only picked on because it is free) is 14.1MB. Thats rather ridiculous; I don't think I've ever come across an app written in ObjC for the iPhone that was 1.4MB.

And looking at the reviews for Trading Stuff, it doesn't seem like the app performs very well. Of course, that could be due it being written poorly. But, my initial inclination is to think otherwise.