If used properly and with sufficient knowledge of HTML/CSS, you can produce great looking web sites (see mine  ) The design is done solely with CSS and XHTML 1.0 Strict (there is a tiny bit of Javascript but it's not related to the layout or anything).
I'd recommend HTML and CSS as not only is it more accessible for people without flash or people with screenreaders, but for SEO it is miles ahead of flash. Why? Because search engines can't do anything with flash - they can't read it at all so all content made using flash is as far as they are concerned, not there. HTML on the other hand is indexable and search engines can pick up the text and links placed in the code, plus people with screenreaders can use it accessibly, if used correctly.
HTML + CSS may not produce instantly a flashy, modern amazing site, but with a bit of knowledge behind you, the web's your oyster!
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