My two cents.
The good:
I like the way the Flash menu system works. It has a nice look.
The bad:
It's hard to tell when you're over a submenu item. The submenu links need to change color when you move the mouse over them (makes it look better too).
The ugly:
I personally find the Flash 'load' annoying. It would be ok without the initial load of the flash area (where it goes from from white to blue). As it is, it's distracting from the site.
I have yet to test the site on a new browser that does not have Flash installed. Do you have a backup text menu below the flash object for people that don't use Flash? If not, I would suggest only using Flash for visual highlights, and not for navigation.