It sounds boring, but it’s not at all. Ricard Marxer Piñón has been writing programs to manipulate letter forms. The results are on display at www.caligraft.com. You can watch recordings of the programs running online or download the programs and run them on your computer. Most are interactive in some way. I’ve seen Flash-based things like this, but these seem more fluid and complex.
I recommend also checking out the rest of the excellent experiments and sketches from the Processing community. I love this stuff.
Perhaps MEEK is one of the flash based things you mention. Anyway, check it out http://www.robmeek.com/flash_index.php?startPage=0
Very cool.