Google has been developing a new algorithm for indexing textual content in Flash files of all kinds, from Flash menus, buttons and banners, to self-contained Flash websites. Recently, we’ve improved the performance of this Flash indexing algorithm by integrating Adobe’s Flash Player technology.
More from their Webmaster Central Blog – Here
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Search Engine Land has a very nice write up on the new technology of SE
And on the topic of video might as well toss in the Official Google YouTube Channel – Here