I'd heard something about this a few weeks back, but today I decided to look into it more. It seems that the Google Bots can now index .SWF files for text content. While this seems to be good news for people who have shied away from creating Flash-Only sites because they wanted their content indexed, it could mean trouble for Flash developers. From my cursory look at how this works, I noticed with a few of things for Flash developers to consider now that Google has this new capability.
So, that is all I have right now. It's still pretty cool that Google can index. .SWFs now, but it also means that some re-architecture of some content might be necessary toeither make it work correctly, or to protect content that was not vulnerable in the past.