Someone has suggested this process to feed content and use flash. Is it a good method? Need your opinion?

Code:
<div id="flashcontent">
    This is replaced by the Flash content if the user has the correct version of the Flash plugin installed.
    Place your HTML content in here and Google will index it just as it would normal HTML content (because it is HTML content!)
    Use HTML, embed images, anything you would normally place on an HTML page is fine.
</div>
<script type="text/javascript">
    // <![CDATA[
    var fo = new FlashObject("flashmovie.swf", “flashmovie", “300″, “300″, “8″, “#FF6600″);
    fo.write("flashcontent");
    // ]]>
</script>