With SEFFS Claus Wahlers from our brazillian branch of côdeazur demonstrates an elegant and compatible way to build Flash sites in a very user- and search-engine friendly way. The method he has developed deploys SWFs on top of XHTML which means, that the XHTML part which holds the Flash OBJECT tag at the same time serves the content for the swf.

See a basic demonstration of SEFFS here. You can download the SEFFS Release Candidate 1 sources from Claus' site.