I still don't think any of them have a stitch on Lobster Magnet...
http://www.albinoblacksheep.com/flash/lobster.php
But, if you're looking for examples of really well done flash with good effects I'd check out:
http://www.homestarrunner.com/expfilm.html
Flash music video done of the They Might be Giants song "Experimental Film" from their most music CD "The Spine." They had the official go ahead from the band and released this flash video before the CD was out.