Jim Corbett, Flash Player Engineer at Adobe, did a talk at MAX San Francisco with some good information on how the Flash Search Player works and what Google (and hopefully more search engines in the near future) can get out of your SWF files for indexing.

Nice to see more information available, we've had a need for this ever since searchable SWF was announced on July 1st. This presentation cleared up most - if not all - of my questions about the current state of Flash SEO, definitely worth watching!