I am really trying hard to see the benefit of using it for the whole page. All examples I have seen of it so far look like early flash/frontpage sites where everything is just big boxes... You also lose all indexing, etc... of content... I just don't see any reason to use this as the main content of the site as opposed to using it for specific dynamic content in canvases on the page. That sport shirt site really drives home the point of looking like a flash site from 10+ years ago. Not sure where the excitement is on that one. I am going to use it to create a nice under construction scene on my site but other than that, I really don't think there is any advantage to using it for the main content, and there are many disadvantages using it that way. At the end of the day, you are putting more effort into it than the return will likely get you...
BluePhaze yes you're right, actually there some flash sites look awesome and some flash sites look awful, it depends on the design.