It worked fine, actually. Considering that was a good 5 years ago and phones were a fraction as fast as the ones today, you could watch videos and play games (Kongregrate had a section for touch flash games that worked very well). Adobe abandoned it simply because the effort required to maintain it was too high considering they were never going to be on iOS.
How well did Flash on Android work? The answer is "not very". Jobs was (apparently) entirely correct when he wrote that Adobe was never able to show him a version of mobile Flash that wasn't complete garbage.