Here’s a discussion on it:
http://www.dynamicdrive.com/forums/showthread.php?t=18119
You might want to take a look at
http://mollom.com, it’s not flash but I think it’s an excellent Captcha option with built-in audio Captcha. There’s a mollom class for MODx (just search the forum for "Mollom"). Even if you generate your Flash Captcha on the server, the user will still get a script that displays it and could be potentially decoded.
The newest MODx Captcha code has a Math equation option that has been spam-free so far and if you look at the SPForm snippet’s code, you’ll see several other spam-proofing options that I think are actually superior to Captcha (and less annoying to regular users).