Does flash rank badly with Big G?

Im guessing it must, since there's this huge SWF file, most of the times at the top of the page, and the spiders just wont find any keywords in it. But i havent had any practice yet, whats your experience with this issue?

Should i wrap my flash in html? Is that the solution?

Yup, flash sites dont do well with Google, at all. Google recognizes flash and indexes those site but they rarely rank cuz G sees them only as one page sites.

Absoultutely. Flash sites are a nightmare to work on. It's just like shooting yourself in the foot before a marathon. Avoid it all costs.

But it is loot more work then with static site.
I Have been optimizing clients flash site for little over year now. My situation is even worst,
On top of it being flash, it is hosted on one of those photography portals where you dont even have a access to ftp or server at all.
Just few tools in online panel that is it .Cant even manually edit sitemap which is generated automatically and the only onsite optimization I can do is 1 page- intro page, it totally sucks!
Anyway, I have it in top1- 3 for all main keywords but guess what?
My site has like over 4K BL when the competitors static sites have like only 100-300 BL.
And also guess what? My site has 1 page indexed(intro page) and anybody in top5 has at least 50-100 pages indexed.Which anybody who does SEO professionally knows that number of indexed pages, that grows steady over time makes huge difference.
I have to work with 1 indexed page since July of 2009.
So this is how much more work is with flash sites.
Ten times more back links for same results as static site would have.
Of course if I had a access to server it would be 90% easier too.

Flash action script is really unreadable for crawler so better to reduce using Flash. Google bot is now trying read action scripts but that will take some time.