Shadow Pages for Flash Content

[mozcrush]

Hello.

I am curious to better understand what I've been told are "shadow pages" for Flash experiences.

So for example, go here: 
http://instoresnow.walmart.com/Kraft.aspx#/home

View the page as Googlebot and you'll see an HTML page. It is completely different than the Flash page.

1. Is this ok?
2. If I make my shadow page mirror the Flash page, can I put links in it that lead the user to the same places that the Flash experience does?
3. Can I put "Pinterest" Pin-able images in my shadow page?
3. Can a create a shadow page for a video that has the transcript in it? Is this the same as closed captioning?

Thanks so much in advance,

-GoogleCrush