Search Engines will not index Flash files (.SWF extensions). However, you load the SWF file through an HTML page!
This will get a bit technical, so I will try to give you an overview of what you can do.
On the HTML page loading the SWF file, you will need to create a section with HTML content in a DIV tag (with an id, eg: SEO-CONTENT). This HTML content is information you want search engines to index.
Next, when the page loads, you will execute a Javascipt, which will test if the browser has Javascript enabled and if the correct version of Flash is installed (which is almost always true or your flash page won't show on browsers). Now (here is the magic), you will create a reference to your SWF file, which will be dynamically loaded and it will replace the content in the DIV (identified as SEO-CONTENT).
In essence, you could have HTML and FLASH content load on your site (depending on the browser settings). But, that requires too much maintenance.
I talked to Adobe last month and they are considering SEO solutions in the upcoming flash versions.
Here is an interesting tool that will make your job easy as far as creating the SEO friendly HTML content. Go to http://www.adobe.com/licensing/developer/search/faq/ and download the SDK and use the swf2html tool to extract HTML content from your flash file.
Hope that helps!
Nick


