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The effect on inbound links can *seem* to take anywhere from a few days to several weeks to take effect.
As a rule of thumb, I no longer bother with new links unless they contribute to the user's experience.
If your site is done wholly in Flash, that really needs to change if you want to get some sort of search engine visibility going. You'd need to amass quite a lot of links to make up for not having text on your page/throughout your site.
Lastly new sites have can terrible problems ranking and gaining momentum courtesy of the Sandbox/Sand Lag/March Filter ... it has so many names now, all of which can be researched here.