I disconnected the internet connection and tried running the installer again -
the results were the same - I still got that "not most current version" message, and I was unable to proceed with the installation...
Do you also get this when you use the 220.127.116.11 installer(s) from http://forums.adobe.com/message/4506372#4506372 ?
I have done this a number of times, and I never got any such message.
I always ran the uninstaller from http://helpx.adobe.com/flash-player/kb/uninstall-flash-player-windows.html before running the installers.