It looks like today Adobe has silently rolled out Flash 10.3 for Android today, available in the Android Market now. It was recently updated to 10.2 and there was comments about the next Honeycomb update in the release notes that were quickly removed. This time there seems to not be much for release notes or a changelog except for 10.2 stuff.
From reading over some of the changes from 10.2 it looks like this release should have brought changes for a few things including enhanced browser integration for Android 3.1 as well as hardware acceleration (not just a presentation on acceleration like 10.2) Although while reading over the market link you can clearly see adobe mentions they recommend Honeycomb users update to Android 3.1 first. So clearly there is some changes for that.
After digging a little bit and finding a full set of Adobe 10.3 for Android release notes you can see they mention OMAP 4 processors, the Galaxy S, EVO fixes, as well as hardware acceleration for 3.1 Honeycomb. There is also a fix for those streaming things that are longer in length like over 1 hour long. It looks like they are paying attention to the issues that real users have been having and are updating accordingly, so that is good to see. Hopefully they continue to access the power of Android 3.1 and the Tegra 2 to bring an even better experience for us.