The conversion contest announced some months ago by Mike Swanson ended a few days ago:
http://wpf.netfx3.com/content/ConversionContest.aspx
It's a pity that none of the contestants has written a Flash (SWF) to XAML converter so far.
Although to me, it looks like a hard job to do I think soon there'll be some third party tools which will successfully convert some simple flash files to XAML. I found a good tool by Kinesis Software which decompiles SWF to RVML. The task gets simplified and now someone should write an extension which converts RVML to XAML. As easy as that :)
Btw I've got another favorite missing - Maya to XAML converter and hope to see such soon.