Sometime time ago (May be a month), I heard that flash content now can be indexed on Google and Yahoo Search engine. For this Adobe has provided some complex flash player to theese search engines which in turn will allow them to dig inside the thousand of Flash enabled Web sites out there and crawl inside them to brin the relavent content for indexing. Google has even desribed it's improved methods form flash indexing.
After going through many blogs and articles I can say that it is just a baby step and flash is still very far away from actually getting indexed. One question is that why Flash will not be searcable on live serach.
Gilbert Corrales has explained the fact in details and also that how Silverlight can be indexed in all search engines without any specific player.
Also found this hilarious take on the Google's method of indexing the flash content. Very interesting indeed.