Less Rain has recently launched the corporate site for Red Bull Israel - one of the few Flash websites to render fully dynamic text in right-to-left layout - including formatting, links and input textfields. It also supports the use of browser back-buttons, deeplinking and bookmarking.
The right-to-left algorithm is losely based on Richard Ishida very helpful explanation of the bidi algorithm.
I had looked into other discussions and solutions but wasn't able to make any of them work, or found them to be too restrictive. See also the efforts of Flaraby, g. wygonik, Oddhammer, Quasimondo, FlashRTL.
For more information about the underlying problem visit The Right To Flash