This announcement is definitely cool and will open up whole new areas of the web to search. But truthfully I just wanted to post this because it lends itself to a great headline.
From the FAQ posted on the Google Webmaster Blog:
Q: What content can Google better index from these Flash files?
All of the text that users can see as they interact with your Flash file. If your website contains Flash, the textual content in your Flash files can be used when Google generates a snippet for your website. Also, the words that appear in your Flash files can be used to match query terms in Google searches.
In addition to finding and indexing the textual content in Flash files, we’re also discovering URLs that appear in Flash files, and feeding them into our crawling pipeline—just like we do with URLs that appear in non-Flash webpages. For example, if your Flash application contains links to pages inside your website, Google may now be better able to discover and crawl more of your website.