I have just been checking out Asual’s SWFAddress.

If you haven’t come across it yet, SWF Address is a tool for deep linking in Flash. It is a JavaScript based code which will set hash (anchor) link path from your Flash content. Not only does this mean users can now use their back buttons, but it also means permalinks can be created to content deep inside the Flash movie. For example http://www.yoursite.com/#/projects/project-name/ Read : SWF Address »