Flash is a propriety plug-in created by Macromedia to infuse (albeit) fantastically rich media for your websites. The W3C advises you avoid the use of such proprietary technology to construct an entire site. Instead, build your site with CSS and HTML ensuring everyone, including search engine robots, can sample your website content. Then, if required, you can embed media files such as Flash in the HTML of your website.
I think the anchor text links in internal navigation is still valuable – but keep it natural. Google needs links to find and help categorise your pages. Don’t underestimate the value of a clever internal link keyword-rich architecture and be sure to understand for instance how many words Google counts in a link, but don’t overdo it. Too many links on a page could be seen as a poor user experience. Avoid lots of hidden links in your template navigation.
The ranking of your website is partly decided by on-page factors. On-page SEO factors are all those things you can influence from within your actual website. These factors include technical aspects (e.g. the quality of your code and site speed) and content-related aspects, like the structure of your website or the quality of the copy on your website. These are all crucial on-page SEO factors.