Until now Flash and Flex content could not be searched. In fact in even couple of years back I was advised not to use flash, as it is not search engine friendly.
Not being search engine friendly can make or break many companies. I personally know of a company that makes 10cr annually purely relying on search engine traffic. I can't give link as its a closely guarded secret :-)
So, when Google and Adobe announced plans to make flash/flex searchable, it created waves in RIA community. This is important if RIA application (mostly flash/flex) have to become pervasive rather than just being used for advertisement banners.
Adobe platform evangelist Ryan Stewart, announced a SEO (Search Engine Optimization) contest for Flex application. Here is the link.
As per the rules it looks like this application might win. Try googling "fleximagically searchable" and this is the first application.