Rxbbx has posted a very useful code example showing how to embed flash that is XHTML valid and web standards compliant on your WordPress blog. Loads of thanks! 

<object type="application/x-shockwave-flash"
data="folder/yourfile.swf" width="xxx" height="xxx">
<!--[if IE]>
<param name="movie" value="folder/yourfile.swf" />
<![endif]-->
<img src="noflash.gif" alt="Can't display file" />
</object>