Google (once again) and Adobe may have just filled that requirement and your answer may be here...
Improved Flash Indexing Begins for Google
Let's take a very close look at this "can of worms"...
Where is a large percentage of Flash developed? Offshore.
Where is a large percentage of "bulk" link development done? Offshore.
Google + Adobe + Flash + Link Development = Flanchors
The more I think about this, the more alarming it becomes. I think a whole new cottage industry is about to spring up. But, but, I'm sure all of these issues have been addressed and there are measures in place to prevent any sort of manipulation through Flash, yes?