From years back SEO doesn’t recognize use of flash content in site. May be they are right because googlebot can’t ready each and every visual and text content of the .swf format. And flash is really not medium for SEO, it’s completely visual medium. But still we can use .swf content in SEO friendly web site by taking care of search engine prospective.

Tip for SEO friendly flash content creation

1. Use dynamic text rather then static text and graphics
2. Use “deep linking” new feature of flex 3.0
3. Make two different version of site one should target SEO and another should target usability
4. Place flash content wherever it require in your html page [i.e youTube, Google Earth and Google finance]

One of the google webmaster publish article “Best uses of Flash” can give better vision to SEO to optimum use of flash.