During the Adobe MAX 2009 keynote a slide was shown the increase in performance and memory usage by Flash 10.1 (Mobile) compared to Flash 10. The Flash 10.1 player improvements have something to do with Flash Lite. Flash Lite has been designed for embedded systems were performance and memory footprint is a key factor. So my guess is that part of these improvements are merit of Flash Lite and the Adobe Flash Lite engineering team.
Image from Justin Mclean.
Bye the way, most developers approaching Flash for mobile still need to understand that Flash Lite will not go away anytime soon and there are millions of Flash Lite enabled mobile phones out there. The key problem is how to reach them!!!