In a recent announcement, Google and Adobe have teamed up to develop a new algorithm for the spider bots to index text content in Flash file.
However people have been questioning as to how much does the Googlebot actual index? Will it take all part of the text content? Will it rank flash files (if multiple were found on a page).
Beussery.com has been doing some extensive research which can be found here http://www.beussery.com/blog/index.php/2008/10/google-flash-seo/
If you can read that code lingo and various scenarios then knock yourself out. I just read the first paragraph to get an idea, and avoided collapsing on my keyboard.