When we design a site for a client, we tell them that if search engine rankings are important stay away from an all-Flash site. This isn't a big secret, but it really hit home when I saw the following:
This is a Google search for "2007 stumpjumper" which is one of the new bikes from Specialized. The first non-sponsored result is a post from one of my blogs. The specialized.com site is built with the content in Flash and PDFs. The microsite they used to promote the 2007 Stumpjumper and Roubaix bikes is all Flash.
Results from specialized.com don't show up until the third results page and that link is a PDF for their new suspension. Not only do HTML sites give search engines content to index but they allow you to use page titles that contain relevant keywords. As they say: the proof is in the rankings.