Yes and no. Flash can create excitement and interesting effects on a website and Flash is the best format for online movies due to speedy download time, but I do not recommend all Flash websites.
Here’s a site that is all Flash. Great site right? But it receives awful search engine placement. Here’s the proof: http://www.google.com/search?q=katy+bar+lock&rls=com.microsoft:en-us:IE-SearchBox&ie=UTF-8&oe=UTF-8&sourceid=ie7&rlz=1I7SUNA. Take a look at the search results for katy bar door lock, note that affiliate websites rank higher than the main site. The page that is listed in the number two position is the HTML Google AdWords landing page that we designed, the main website www.KatyBar.com does not even appear in the organic listings.
So use Flash for your entire website if you want to use pay per click to drive traffic to your website as KatyBar.com has had to do or use HTML with Flash elements to get search engine traffic and save pay per click money to stimulate traffic not get traffic.