Adobe System Inc.'s (ADBE) Flash digital media player still hasn't dialed in most of the world's top smart phones.

Though a big hit on PCs, Adobe's video player isn't yet compatible with devices from Research In Motion Ltd. (RIM), Apple Inc.'s (AAPL) iPhone and phones based on Google Inc.'s (GOOG) Android software. The Palm Inc. (PALM) Pre, due in June in the U.S., also isn't Flash compatible.

Microsoft Corp. (MSFT) continued the pile-on last week, when it said an upcoming mobile version of its Windows operating system software won't be compatible in the short term, and that its Windows Marketplace for Mobile online software bazaar won't offer any Flash-based products. Apple is to update its iPhone software on Tuesday, and by all appearances, it still won't be compatible with the Adobe feature.

The one success has been No. 1 cell phone maker Nokia (NOK). While it says a billion Nokia cell phones are now Flash-compatible, many are cell phones, rather than their souped-up cousins the smart phone.

Adobe's woes mean a version of an important product isn't yet being embraced by companies catering to the growing preference for mobile computing, whether it's smart phones that mimic features found on PCs, or ultra-small netbook computers that fit in a pants pocket. The longer Adobe takes, the more it's becoming irrelevant to mobile computing, and ceding ground and market share, to Microsoft and other media player providers.

A company representative didn't respond to repeated requests for comment. At a major cell phone trade show in Barcelona in February, Adobe executives said they intend to release the first Flash multi-media player for smart phones sometime this year. In particular, Adobe has optimized Flash's performance for CPU chips used by the iPhone, and one in the upcoming Pre.

The issues are partly Adobe's fault, said Forrester Research analyst Jeff Hammond. Adobe initially targeted a stripped-down version of Flash, Flash Lite For, a first-generation smart phone that struggled to run the resource-heavy full version of the software. It then began developing a smart phone version of its Flash player too late, which let rivals software makers create demand for alternative products. That poses a risk of Flash being marginalized.

But the game isn't over for Adobe, Hammond said. Microsoft, for instance, prefers to push its own Web video standard Silverlight over Flash. But the company would also support Flash if it thinks it's a competitive advantage.

"This is a game of 'the enemy of my enemy is my friend'," Hammond said.

Google is among the most promising opportunities for Adobe, thus giving someone looking for an end to the standoff a glimmer of hope. Spokeswoman Carolyn Penner said the company is working alongside Adobe to bring Flash technology to Android. "But we don't have anything to announce at this time," she said.

Android could be key.

"If Adobe gets a really great version of Flash onto Android, they could still really turn this around," Forrester's Hammond said.

Adobe shares were recently trading up 0.3% to $18.61.

-By Ben Charny, Dow Jones Newswires; 415-765-8230; ben.charny@dowjones; and Jessica Hodgson, Dow Jones Newswires; 415-439-6455; jessica.hodgson@dowjones.com