Flash is an SEO’s worst nightmare and a faux paux from a best-practices perspective for the following reasons:
1) The major engines could never effectively ‘read’ the content which means your site will never effectively well rank for it unless you had a high number of external links with a wide variety of different anchor text.
2) Internal links could not be followed which means their anchor text would also not be ‘read’ making your entire site appear to contain only one page, er in this case a ‘swiff’ file.
But hey, it’s only our natural search rankings…what do we really have to lose :).
-The MADD Man