Ok, boys and girls, here's the solution I've found that seems to work, at least in my case. Using SF 5.3, apparently the api changes the path from /Files/swf.swf file to /ProjectNameFolder/Files/swf.swf file. So when you want to visualize the Flash object it must be seen using the "Live Site" option. Other than that, just make sure that if it's XML based, that the paths are all correct with regard to any image files you my be using. Lastly, this is the embed code I use:
<embed width="940" height="400" flashvars="sloganRotatorXml=/BeachRugby/Files/xml/preview_1.xml" allowscriptaccess="always" quality="high" name="movie" id="movie" src="/BeachRugby/Files/preview_1.swf" type="application/x-shockwave-flash"></embed>
This works for me. So if you're in need of an alternative there it is.