It looks like Adobe has given Google and Yahoo some technology that will help them to better crawl and index Flash content - and Google has just launched their new Flash algorithm. Unfortunately, it's just for swf files, not flv.
Now that we've launched our Flash indexing algorithm, web designers can expect improved visibility of their published Flash content, and you can expect to see better search results and snippets.
At present, we are only discovering and indexing textual content in Flash files. If your Flash files only include images, we will not recognize or index any text that may appear in those images. Similarly, we do not generate any anchor text for Flash buttons which target some URL, but which have no associated text.
Still there's the problem of bookmarking the right spot in the flash movie. I'd hate to have to wade through a major Flash movie to find just the right spot to answer my search query. Will be interesting to see how this works out.