The caveat to replacing Flash is that if you have a site with multiple pages or dynamic content loaded from a database such as e-commerce or a directory, your additional pages will stay invisible.
You can still place links in your replaced text, but then you will have to create two versions of your site. Developing a "non-flash" version may not be a bad thing if you are doing an all Flash site.
Visitors, especially those with older computers and software - and as Jordon said, those with accessibility needs - may not all be able to view Flash. Which could have huge effects on your success rates.
So, Flash can be used and have some Search Engine Optimization, but is a very complex decision and requires expertise in multiple areas.
The best thing is to evaluate it from a business stand point:
- who is your audience, will they most likely have the technology to view your site?
- is seo important to you and building an audience?
- if you use Flash and turn away visitors, how will this affect your bottom line - will less people convert to buyers, contacts or participation?
Andy Halko