By now you probably know Google indexes text content within Flash thanks to Google's new Algorithm for Flash. In case you missed it, Google recently updated their original announcement to include additional details about how Google handles Flash files.
According to Google, "If the Flash file is embedded in HTML (as many of the Flash files we find are), its content is associated with the parent URL and indexed as single entity." I found this isn't the case using a variation of the example used by Google. The following query finds the same content indexed at three URLs 2 SWF and 1 HTML:
Deep Linking - Google doesn't support deep linking. "In the case of Flash, the ability to deep link will require additional functionality in Flash with which we integrate."
Non-Malicious Duplicate content - Flash sites containing "alternative" content in HTML might be detected as having duplicate content.
Googlebot, it seems still ignores #anchors but will soon crawl SWFObject. Given that Googlebot can or will soon crawl SWFObject sites, major reworks should be considered for "deep linking" sites where correlating "alternative" HTML content pages contain the same Flash file and are accessible via multiple URLs.
ActionScript - Google confirms indexing ActionScript 1, ActionScript 2 and ActionScript 3 while at the same time Google shouldn't expose ActionScript to users.
External Text (XML) - Google confirms, content loaded dynamically into Flash from external resources isn't associated with the parent URL.
While this is a great development for Flash Developers moving forward, lots of education may be required.