It intrigues me that you can actually develop a comprehensive flash site complete with an intro and have it running in one frame and on one layer. They have developed a great product. It has all the tools you need for producing innovative sites. In particular, I enjoy its flexibility and control. Sometimes I will just stumble onto some intriguing effect, and duplicating it is quite easy due to the way the program is structured.
Art is relative.
What one person may consider art, another might consider it something completely different. I have never come across a clear definition of art, it's like asking what is life. For argument sake, let's say art is creative expression using any form of media to communicate with the intent to evoke a reaction. That's my best attempt at a definition, shaky as it is. By this definition, I think it can be considered art.