Thanks for all the great feedback regarding my recent post on Flash! I'll be talking about this more on Wednesday during the "SEO Friendly Flash" session at SES Chicago but, wanted to provide a little update to my original case studies.
Without going into detail, Google seems to be associating text content in Flash with the correct parent URL and indexing both as a single entity on an increasingly frequent basis. While I haven't been able to get any type of "Official" confirmation from Google or Adobe, this just might be very big news when it comes to SEO for Flash. Implication being, the marriage of meta data about hypertext structure with text content in Flash for the first time from the perspective of search engines.