Google just announced that they have made some improvements to how they crawl (i.e read) Flash content.
- This only applies to SWF files, not FLV (FLV is a common video format used with Flash).
- Googlebot will read the text from the SWF (not images that look like text, but actual text content).
- Google will discover web addresses that are in the SWF file.
- Google will not discover web addresses inside SWF files that do not use text as the link
There’s a few more points so if you’re geekily inclined, read the Google Flash announcement.