Macromedia Flash uses TrueType fonts, but smaller sizes of these fonts can look very fuzzy when viewed on a computer screen. FontFlasher converts almost any format font into a "pixel" TrueType font which turns on only selected pixels. This gives fine text a much clearer, more legible onscreen appearance.
It's not mentioned in the above requirements, but FontFlasher converts the fonts into Fontlab's .vfb file format. You'll need FontLab, TypeTool, or TransType Pro to export the files into usable TrueType or Type1 fonts.