Google AdSense and Flash

I am doing one little project with my friend. And this project required me to research if I can place Google AdSense ads inside a flash.
The question is very interesting one and I will summarize in this article my current knowledge on this topic.

First thing to highlight is that AdSense ads can only be embedded by inserting a snippet of java script code in the target web page. The straightforward conclusion from here is that you can't paste a Java Script into your MXML or ActionScript.
If you google this subject you will see that some guys with "hacker" mindset try to do some workarounds but there is no one good solid solution developed so far that will go well in all browsers.

The second point relevant to this is a trickier one. Google AdSense as well as all other Google services has Terms Of Service (TOS) that state how you can and can not use this service. This is what TOS is telling loud on that:

• Integrated into a software application of any kind, including toolbars.
• Displayed in pop-ups or pop-unders.
• Placed in emails or in email programs.
• Obscured by elements on a page.
• Placed on any non-content-based page.
• Placed on pages published specifically for the purpose of showing ads.
• Placed on pages whose content or URL could confuse users into thinking it is associated with Google due to the misuse of logos, trademarks or other brand features.
• Placed on, within or alongside other Google products or services in a manner that violates the policies of that product or service.

The first line of the list above is very interesting because any .swf can be considered an instance of a software application in such way. The line does not explicitly state that you can't embed AdSense into .swf-s but referencing any abstract toolbar as a violating example it draws quite a solid border between "content" and "applications" and .flash content can be labeled as app if needed.

The third aspect of the problem: I tried to google at least one example where AdSense were successfully integrated into .swf and available online so I can see it. Unfortunately I did not found any samples. All search results lead to portals like StackOverflow or alike where people ask the same question "Can I integrate AdSense into Flash" and other people answering that it can't be easily done :)

On the other hand advertisers which submit their ads to participate in Google AdSense can submit flash ads. This is described here.

This is my subjective knowledge on the topic. I would appreciate if anyone more knowledgeable in this area can comment and correct me if I am wrong anywhere.