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You know, I still don't know if I'd be the biggest fan of Flash even after it's fully indexable by search engines. It still puts everything on one page, which makes your back button basically useless. I like the REST philosophy of everything on the web having its own URL. Flash is also proprietary, although I suspect that Adobe might open source it sometime soon. Even then, though, you'll need a few open source editors.
All that said, Flash has quite a few advantages too. It has great persistence across platform. I think I read a statistic that something like 95% of computers have a current version of Flash installed on them. That's why most online videos are in Flash format. Flash can also be good for banners and rotating images. I also wouldn't mind trying to develop an AIR app with it.
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