Okay it looks like the "Wow google now indexes swfs!" news has somehow risen from the grave again. I wonder why nobody has yet objected to this.
It is correct, Google does indeed index swf files, as much as it indexes PDFs, PPTs and some other "binary" formats. The problem is that this will not help you, at least if you sell your clients professional Flash work.
Google can only find texts inside of SWFs when these texts are inside the swf itself and the swf is not compressed. As soon as you switch on gzip encoding all your texts will get garbled. And why should anyone switch off compression after Flash 5?
But: which serious Flash developer still places static texts inside of swfs? Is it to bind the client to your services saying "You want to change that news? Okay I will have to recompile the swf for you. That's XXX$ for you." No question - content should either be loaded via XML, loadvars or remoting.
If you want the your page to be found - put the content either into the HTML page inside <NOSCRIPT> tags or if the content is dynamic - build a parallel layer of xml or html pages that will only be seen by crawlers and do redirect to your main file or better include it.