Flash websites are great... problem is sometimes, they ignore the usability of the site itself and tend to focus on the shimmers.
I remember one of the first few Flash websites that won the Webbie awards back then... I think the site is called "Rusted Faith". I tried accessing it on the web but the domain is gone.
I think it would be better to have just a combination of both HTML and Flash, with HTML as layout and Flash for the... flash.