For most people on the Web, if Google or Yahoo cannot find something, it doesn’t exist. That has been one of the biggest drawbacks to creating a Website or application that displays itself as a Flash (SWF) file. Search engines could see the file, but they could not see what was in it. Until now.
Adobe has come up with a way for the search engines to read SWF files and index all of the information they contain. That means any text or links in a Flash application can now be indexed.
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This is an incredibly advancement in SEO- but I would still advise against using Flash too much- as cool as they may look, many users simply do not like them, and you tend to have more problems with browser plug ins and rendering in the right browsers.
They'll be able to find you, but maybe they won't be able to see you. Developer Beware.