Flash Content Searchable by Google and Yahoo!

Just saw this over at Ted Patrick's blog. Looks like Adobe is going to work with Google and Yahoo to allow spiders to crawl Flash SWF content. This is big time if indeed true. A big client objection to full Flash sites is going out the window. I assume the spiders are looking strictly at text fields and not source. Anyone know definitively?

Update: Official press release from Adobe here.