LG P-500 comes with Froyo (Android 2.2) installed out of the box. But Flash Player 10.1 or AIR cannot be installed on it as its CPU architecture is based on ARMv6 and not on ARMv7.
So to run Adobe Flash and Adobe AIR in android devices two things are required i.e. Android 2.2 and ARMv7 based CPU.
So beware of this phone. Do not buy this Phone if you want to run Flash in it even if the on the box it says Adobe Flash Player 10.1 is pre-installed.
Other specification here .