Currently, most flash content cannot be seen by search engines (and when it is seen, is seen to only a limited extent). This is because the search engine robots see a file within the overall page source code and cannot see the structure of the navigation within it. It may be able to dig some text content out of it, but for the most part, even the text content is read as just graphics, and cannot be indexed.

The best way to create a search engine friendly version of your flash content (and to still show the content) is to use SiFR, or Scalable Inman Flash Replacement. This is preferred to standard noscript tags and redirects, plus the usage of this has been approved by Google on their blog.

How SiFR works with Flash - First of all, lets assume you've embedded flash within the overall page, as opposed to just making one big flash page first of all. Otherwise you may have to revisit the step of integrating flash into html first. Otherwise when a standard html page that happens to contain flash is reached, a JavaScript function is run which first checks that Flash is there, looking for whatever tags you have designated for it.

If the user does not have flash installed, or if JavaScript is turned off (the latter being the case with search engine spiders) the HTML page displays as normal (without the flash content) and nothing further occurs. If Flash is installed, and JavaScript turned off however, the browser views the source code of your page looking for SiFR elements. After this, the script creates Flash movies of the same dimensions and displays them on top of the original location. This can be tested in Mozilla Firefox via the use of an addon.