The new SWFObject is out. There are two main ways to embed Flash content on a page, with Option 2 sounding like the best fit for the rules/regulations we have to adhere to for work (progressive enhancement, no click-to-activate rubbish in IE, you HAVE to have JS to view the Flash, etc). Option 2 follows a similar method to SWFObject 1.5 as well.
Will have to look into the documentation in detail and try out some examples on a range of browsers if I have the time…