Michael Swanson has released a free converter to take SWF to XAML converter.

"Finally! After months of tinkering around in my spare time, I've managed to assemble a relatively useful tool called SWF2XAML. The first version of this tool allows you to open a Flash/SWF file and advance through the frames one-by-one. When you've found a frame that you like, you can easily export it to a file or copy its XAML to the clipboard. Import or paste the XAML into your tool of choice, and off you go."

SWF2XAML: A Tool to Convert Flash Files to XAML

And for video-luvvies there is also a Channel9 interview up getting the inside perspective from Michael