And don't forget that search engines don't like graphical content -- they can't get text out of it to index. The site will index poorly, compared to a site with actual text.
Are you sure that the Flash content is being dynamically updated (generated on the fly), or is this just text over a graphical background? It's not hard using CSS to position a graphic as a background, and then place text on a specific place. I suppose that there could be products (libraries) that build Flash presentations on the fly from database text content, but that seems like overkill (and a server killer, too).
I agree that excessive use of Flash and other animations is a sign of a bad website -- all sizzle and no steak.