As reported on the Official Google Blog, Google has just launched their “Flash indexing algorithm”, which means that data buried in Flash applications on your site can now be seen by Google!
In terms of SEO, you’ll still be far better off using normal, well-written HTML instead of Flash, but this will certainly help. Google will at least know what’s in your Flash files and help to rank your page based somewhat on that.
If any of you have Flash-heavy sites, keep an eye on your traffic from Google and see what it does over the next few weeks. Let us know in the comments if you notice a gain in traffic from them, or if things hold pretty steady.