Technical Faults with Adobe Flash

With Steve Jobs #-Link-Snipped-# that Adobe's Flash software has technical faults that has resulted into Apple's decision of banning Flash on iPhone & iPad platforms; I think it would be nice to have a discussion on technical faults in Flash.

According to Jobs, Flash eats up lot of battery and also it has major security flaws. This was also reported by Symantec in 2009.

Can someone discuss the technical flaws in Flash?