Geoff Stearns have a Javascript approach to integrate SEO with Flash applications. He recommended to separate the content from the presentation by using javascript, for example with FlashObject. This will cause the search engine to ignore the Flash object and index its description introduced as normal text. Geoff pointed also to the rumors that google search engine will render javascript in the future, currently it's just rumors and until that time Javascript is always ignored and not indexed.

<div id="flashcontent">
    This is replaced by the Flash content if the user has the correct version of the Flash plugin installed.
    Place your HTML content in here and Google will index it just as it would normal HTML content (because it is HTML content!)
    Use HTML, embed images, anything you would normally place on an HTML page is fine.

</div>

<script type="text/javascript">

    // <![CDATA[

    var fo = new FlashObject("flashmovie.swf", “flashmovie", “300″, “300″, “8″, “#FF6600″);

    fo.write("flashcontent");

    // ]]>

</script>

The best way to add Flash progressively is by using Javascript, or more specifically, a script like FlashObject. First you lay out your page as if you aren’t using Flash. If you are using a database for your content, you can spit out that data as HTML where the Flash movie will go on the page (or maybe just a preview of the content, it’s up to you to show Google the content you would like indexed). Then you use FlashObject to replace this content only if the user has Javascript enabled and the required Flash plugin version.