Again, the Hello World App is entirely irrelevant -- the question is whether a real world Flash iPhone app will be substantially larger than a native iPhone app that does basically the same thing.

To clarify the point with an example, a one line hello world python script when compiled down to an executable on Windows takes about 7 mb of space because of the runtime payload. But, a more complex 1000 line script wouldn't take up much more space - maybe 7.2 mb