Following are the fatures of Adobe Flash Lite 

Improved web browsability
Flash Lite 3 improves the web browsing experience across devices

FLV support
The Adobe® Flash® Lite™ 3 runtime supports FLV

Faster performance

MMI extensions for UI design

Text enhancement

Powerful and dynamic media
Flash Lite enables dynamic loading of multimedia content such as images, sound, and video based on supported codecs available on the device.

Integrated authoring environment
Developers can build, preview, and test Flash Lite 3 content using Flash CS3 Professional and Adobe Device Central CS3

Dynamic XML data
Flash Lite supports loading and parsing of external XML data in Flash content using the same XML handling methods as Flash Player.

Persistent data
Flash Lite supports the ability to locally store and retrieve relevant, application-specific information

Action Script 2.0 support

Compressed SWF files

Synchronized device sound
Flash Lite enables content developers to synchronize animation with sound data in device-specific sound formats such as MIDI and SMAF.