I've been wanting to blog this for nearly a month now but haven't had time. This is big news. Adobe is now providing major search engines with an optimized version of the Flash player technology. Using this new technology, Google and Yahoo! can now read and index the text in .swf files.
Animations and other graphical elements will still be ignored, but text and hyperlinks will be indexed and spidered.
So, the long-running argument that sites cannot perform well in search engines when using Flash isn't quite as strong now. Google claims to already be using this new technology and Yahoo! is planning to implement it soon.
The press release has basic information but I'm sure there will be more information released in the near future.