The short answer leans closer and closer to “bad” as the years move on. But I’ll explain…
From the perspective of a photographer and graphic designer, there are a number things to be said about HTML vs. Flash.
The Pros: dynamic aesthetics are under full control by the programmer (with HTML, you’re limited to static pages, for the most part).
The Cons: Google (or Yahoo, MSN, Ask.com, etc.) doesn’t recognize anything inside Flash, it simply recognizes the Flash object itself. With HTML pages, Google will recognize all the jpegs and text, and index it that way.