The era of goofy SEO hacks finally comes to an end:Google announced last evening that they are launching some enhanced crawling technology that will have the ability to better index content within Flash. Swf’s have always been a blackhole for SEO, prompting web designers to come up with numerous workarounds for making sure Flash site content is indexed.

from the Official Google Blog:
Now that we’ve launched our Flash indexing algorithm, web designers can expect improved visibility of their published Flash content, and you can expect to see better search results and snippets. There’s more info on the Webmaster Central blog about the Searchable SWF integration.

Details on the indexing technology and Q&A can be found on the Google Webmaster Blog . No mention of Silverlight indexing support, looks like this might help strengthen the case for Flashplayer over the Silverlight plugin.