Adobe has just detailed its AIR product in the Android version. Adobe AIR will allow you to publish ActionScript3 projects to run as native apps (.apk) for the Android OS. Such apps can be delivered to handsets via Android Market and you should know that developers can either write new code or reuse the existing web content.
AIR applications for Android OS will be built, with the advantage of having devs target mobile and desktop environments. As far as code reuse is concerned, both desktop and mobile clients benefit from the advantages of the same UI and api calls to interact with server-side infrastructure.