Since I repaved my MacBook with Snow Leopard this morning, I was about to reinstall one of the applications I use, Adobe Flex Builder 3. When I opened FB3's installer, the following was displayed:

(Dialog says: "To open FB3_Mac_Installer, you need to install Rosetta. Would you like to install it now?")
Questions:
What exactly is Rosetta? (I have an idea, but your expert answer is probably better than my understanding.)
Why don't I already have Rosetta included with my fresh from-scratch Snow Leopard install? It looks like Rosetta comes from Apple. Why would Apple decide to not include it? Would this have been an optional install from my Snow Leopard DVD, or is it only available online from Apple?
Why would a relatively recent installer such as Adobe Flex Builder 3 require Rosetta? I've installed many other packages already and hadn't seen this message, until now. Is Adobe doing something silly?
Is there any performance or other impact or concern with having Rosetta installed?