Take heart, there is hope for flash and search engines. FAST Search, which is the search engine powering AlltheWeb.com and Lycos, recently announced that it is indexing sites using Flash. Google is another search engine that can, at least partially, index Flash sites.
If your going to use Flash, for the time being, a site built in HTML, with Flash
movies placed inside of the HTML documents, can provide a strong visual impact and also garnish a decent ranking.
mike