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I haven't seen or heard anything about Panda making any changes to how Flash is crawled or indexed. It would count towards page content though yeah, just not in the sense of that page content in a normal way. Videos, images, everything counts as content in some way or another... it just doesn't have a lot to go on for what that content is about.

Hi I've already done away with our own embed linking facility and chosen addthis. I'll have to read up on regexes. thanks

I'm going to have to hold off on this google have done an update today which is why we've now dropped from p4 to p14. I've posted a message here http://www.google.com/support/forum/p/Webmasters/thread?tid=76830633df82fd8e&hl=en&start=1360

I recommend you do precisely nothing. Leave the link as it is and in fact you should have it present on all pages (or as the case is usually in the footer) if it is meaningful to your users. Privacy policy tells Google something more about your site and it does represent an extra hint (e.g. blogs usually don't have one). Canonicalising your privacy policy page to itself will do exactly that - tell Google that that's the correct canonical version of it and it would be useful only if you have various different URL versions of that same page. Privacy policy page has PR4 because PR5 links to it - it's how it usually turns out (one down each link distance away). Also there is no such thing as "domain PageRank", PageRank is calculated for each individual page - with home page usually being strongest. Given that your privacy policy does come up on the 2nd page could be due to URL length which plays role in sorting with site: command not necessarily the PageRank alone. If this page was the first page that comes up when you do site: command I would look at twice at your link structure. As it is it doesn't sound like you have any problems of that kind.