Looks like I am going to have to change my story here. For years I have given this SEO advice: Don’t put text in flash if you want Google to read it.
But Matt Cutts has recently affirmed what has been rumored for quite a while. Google is reading some flash text and currently is using Macromedia Flash Search Engine SDK to read it. So you can can check what Google sees by using this same tool.
However, it is a little more complicated than it sounds based on this CNET article on the mechanics behind Optimizing your Flash for Google.
Definitely good news. However, based on the application of this flash optimization , I stand by my statement with just one edit: Don’t put your most important keyword text in flash, but do make sure you are optimizing the text you do create in flash.