This is amazing news indeed. Its has been feature talk with many of clients and colleagues all long for many years.
Currently almost any text a user can see as they interact with a SWF file on your site can be indexed by Googlebot and used to generate a snippet or match query terms in Google searches. Additionally, Googlebot can also discover URLs in SWF files and follow those links, so if your SWF content contains links to pages inside your website, Google may be able to crawl and index those pages as well.
Yesterday, Google announced that they have now expanded their SWF indexing capabilities