I have been working on Flash for quite sometime and have come across lot of questions about packaging and distributing SWF files that are targeted for Flash Lite.
KuneriLite was the first company that provided a decent packaging solution that lets the content developer package the SWF artwork as a Symbian application for Nokia devices. But Kuneri Lite works only for Symbian S60 phones and does not target Windows Mobiles.
Adobe soon realized the need to build an eco-system around Flash and tried to address the packaging problem. And now Adobe has a Distributable Player Solution, where the solution not only packages SWF files as applications but also ensures that in this process, the latest version of the runtime (Flash Lite) is also available on the phone.
Adobe has released an updated version of the same and it can be downloaded from Labs
I also found a very brief video on the packaging process in youtube