I think it's a good first atempt.
I love flash sites myself, I think it brings more interaction to the web. The problem with your flash site is, like foamcow said, most of your transitional effects can be done with dhtml.
Using flash also hides most of your sites content from search spiders.
Flash, in my opinion should be used for movies, intros (which bother alot of people), training demos, games and other interactions like (
) and to accomplish real off the wall navigation tricks. Good flash sites think outside the normal website navigation "box".
Your layout and function can be accomplished without flash and in my opinion, if you like that layout better use html to accomplish it.
I did think the graphics were better on the html site, and could be used to improve the look of the flash site.
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