This is very big news for those of us in the SEO game. 

While I love the rich media experience you can create with Flash, it's always sucked from an SEO point of view.

So my standard advice is always "don't use flash for your whole site, just use it for elements"

That might change with news that Adobe, Google and Yahoo are working together to make Flash Files search friendly.

It'll be interesting to watch this develop over the next few months / years.