new SWFObject (1.5)
As you will know from my earlier post, I generally consider using SWFObject to be best practice for embedding Flash in a web page. It has recently been updated to version 1.5: Release note.
It is probably also worth noting that while the present is SWFObject, the future will be SWFFix. Lead by Geoff Stearns (SWFObject) and Bobby van der Sluis (UFO).