For those who subscribe to the Macromedia Edge Newsletter you may notice that the latest edition has an article boasting the new Flash features found in both in the new authoring tool (MX 2004), as well as the new player (v7), among which they talk about the CSS support now found in Flash.
Just yesterday I saw a link on kottke.org to Todd's article describing in some detail what CSS styles are supported in Flash, and some important ones that are not. It's an important read for anyone thinking they want to use CSS in their HTML & Flash.