Thinking about this topic logically. I would come up with this concept, ok so Google maybe spidering select elements of flash, but is it truly worth the risk of making the complete site in flash under the hope that the website will get spidered correctly by only one of the three top search engines (IMO - Google,yahoo & msn - in no specific order)?

Why not make the site in Flash and have a html version available via a regular link in the html below the calling of the flash?