Check it out demo CC for Flash in action !!
When I saw this I was wowed …
Use of Adobe® Flash® technology to add dynamic and engaging video content to Web sites is growing exponentially. With WGBH’s new solution, developers are able to more easily add captions in Flash. Now, millions of users who are deaf or hard of hearing are better able to experience Web-based video in Flash and search engines are able to capitalize on captions as search metadata for SWF content.
I have tried the tool and it’s pretty easy to use… the trick is to actually get captions … it’s very time consuming … but at least for major network programs this part is usually already done… but it will be harder for social video networks like you tube .. but hopefully they too can do this …
More information at the CC for Flash home page and you can also read the press release …