I have poor eyesight to the extent that I use the zoom and TTS tools for convenience, but not as a necessity. I can tell you that Flash just doesn't work with most of the available accessibility tools. I believe that JAWS (the market leader in Windows, but not overwhelmingly dominant in any way) says that it supports Flash, but most Flash developers do not seem to include the work needed by JAWS to search for the text content of the Flash movie. And many visually impaired users do not even have a flash installed, because for 95% + time it is simply useless to them.
Another consideration is that the embedded text-to-speech provided by Mac OS X also cannot do anything with most flash movies.
IMO's "degrading" or offering a link to an HTML version of your content is probably the only practical way to make your site accessible. If you are starting from scratch, I would strongly consider JavaScript / JQuery over Flash, if at all possible.
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