As you will know from my earlier post, I generally consider using SWFObject to be best practice for embedding Flash in a web page. It has recently been updated to version 1.5: Release note.
It is probably also worth noting that while the present is SWFObject, the future will be SWFFix. Lead by Geoff Stearns (SWFObject) and Bobby van der Sluis (UFO).
Update (14/03/2008) : SWFObject 2 released.