Don't you mean "yet another site that iPhones can't navigate" ? It's kind of like buying a golf cart instead of a car and then complaining that the roads weren't made to accommodate it.
With the Flash 10 P2P video functionality, soon almost every other social network will be offering this kind of functionality.
Nobody will be able make money off it, it will simply be used to drive adoption.
In google's case there is a further motivation, by releasing ahead of the rush of flash based offerings they get people to install a proprietary plugin, giving them a hook into your desktop.