Haven't heard the buzz, but I'd suspect it will be a big deal among Macromedia users. I'm an Adobe gal myself, so unless they offer a really KILLER competitive upgrade deal, I doubt I'll see much of it.
When they figure out a way to make Flash fully indexable via SE spider, I could see it exploding... The visual horror could be tremendous. Animated GIFs are still widely and horribly misused.
OTOH, there are a lot of designers wortht heir salt who may venture deeper into the Flash waters, once indexable Flash content becomes a reality, and properly used, I think Flash can actually offer greater usability to new web users.