I assert that there is something wrong with web-like "rich" formats that aren't hyperlink-able or indexable by search-engines. You could argue that these bugs could be fixed, and Flash is wisely becoming more URI-addressable and view-source-able over time. But it still ain't the Web. It is not hand-authored, easily tweaked incrementally, copy-and-paste-able. It's hardware.
Oh, yes, I remember:
I hate Flash animations even more: they are not only opaque - there is no cyber-there there - they are barriers to my free navigation of the Web and waste my time as they download. In effect, they turn the Web into television.
Well, television is, indeed, hardware.