First watch this Youtube video that Duane Nickull posted. It shows how little information swf2html extracts and also how Ichabod, the headless Adobe Flash Player used by Google can extract text from multiple states of an SWF. Bravo!
The video is very grainy and you better download the higher resolution MP4 through KeepVid or elsewhere.
Adobe also launched a Search Engine Optimization Technology Center on the Adobe Developer Connection last Friday. As of now there are just five articles with all the latest additions by Damien Bianchi, a Search Strategist at Global Strategies International. You can follow him on Twitter @DamoB and the Flash/SEO community @FlashSEO.
After a primer of Search Engine Optimization for RIAs, Damien recommends three simple steps that you must detect before displaying the SWF content in Adobe Flash Player Version Checking Protocol. And suggests developers to create XML and video sitemaps along with an HTML sitemap for websites in the SEO Checklist for RIAs.
A nine-month-old FAQ assures developers that none of their previously deployed SWF content needs to be changed to benefit from improved search results, that Adobe is closely working with Google and Yahoo! for the technology, and that sites should make use of deep-linking.