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It was also "held to be true" for a time that text objects existing in the first frame would be parsed and contribute to the ranking for those words. The bottom line though has always remained the same: you can't depend on any search engine considering any part of a flash file for ranking or even indexing.
Think of it as a big block of javascript or css or a blank gif. ;)
hyperlinks from .swf files
I know wget follows anything it thinks is a link so it's certainly possible from a technical standpoint.
<edited for wide sweeping future predicting generalization />