At a evening networking event at PubCon I had the chance to chat with Matt Cutts about some rumors I was hearing about things under development at Google. He was able to proved a clear and precise answer. So here are my questions Matt's answers:
1. What's with the indexing of Flash, what works and doesn't work? Matt was able to confirm what I had hear from Adobe last month, but that Adobe wasn't 100% sure. Google is only capable of finding links within the Flash file and unraserized text.
2. Is Google working on OCR for graphics and imaged pdfs? Matt - Google is now successful (at least to the limits of OCR) processing PDFs that were converted to images (you can't select text in these), but they are not yet working on trying to apply OCR (optical character recognition) to page images. Matt mentioned, that he has asked out this and even suggested it to the team, but so far no traction with the Google development team.
We went on to discuss how even if they got this working, the issue of OCR and different typeface would pose a huge issue and be very open to major mistakes.
So for now as I always state in my presentation we are still left with the 3 things that search engines value for our SEO projects - "words, words and words"