We're thrilled with the news from Adobe, Google and Yahoo about search optimization for SWF files. Working with the Flash Player technology, Google and Yahoo were able to dig in and figure out how to emulate the interactions and navigation of a real user and therefore pull out any relevant text or links from the SWF file. The best news...this will all be done with the existing files! No one needs to update Flash sites (although certainly, we'll figure out ways to optimize results).
As with all SEO, change is the only constant and time will tell how this will change search results for Flash sites. And we'll still need to figure out how to integrate deep links to drive people to the relevant areas of a Flash experience. From the comments I've read online,...