Nope, didn't work.
Here's the code I pasted into the html view (got exactly the same result as on our site's install)
<p>STEP ONE</p>
<p>This is some descriptive text</p>
<p>
<object xcodebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab" height="344" width="425" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000">
<param name="Movie" value="http://www.teachers.tv/flash/videos/rachel-atkins-lesson-1-uncut" />
<param name="allowFullScreen" value="true" />
<embed src="http://www.teachers.tv/flash/videos/rachel-atkins-lesson-1-uncut" width="425" height="344" allowfullscreen="true" type="application/x-shockwave-flash" pluginspage="http://www.macromedia.com/go/getflashplayer">
</embed>
</object> </p>
<p style="clear: both;"> </p>
<p>STEP TWO</p>
<p>More descriptive text</p>
<p> <object xcodebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab" height="344" width="425" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000">
<param name="Movie" value="http://www.teachers.tv/flash/videos/rachel-atkins" />
<param name="allowFullScreen" value="true" /><embed src="http://www.teachers.tv/flash/videos/rachel-atkins" width="425" height="344" allowfullscreen="true" type="application/x-shockwave-flash" pluginspage="http://www.macromedia.com/go/getflashplayer"></embed></object></p>
<p> </p>
<p>STEP THREE</p>
<p>More text</p>
<p> </p>
<p>STEP FOUR</p>
<p>More text for four</p>
<p>
<object xcodebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab" height="344" width="425" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000">
<param name="Movie" value="http://www.teachers.tv/flash/videos/kath-morgan" />
<param name="allowFullScreen" value="true" />
<embed src="http://www.teachers.tv/flash/videos/kath-morgan" width="425" height="344" allowfullscreen="true" type="application/x-shockwave-flash" pluginspage="http://www.macromedia.com/go/getflashplayer">
</object> </p>
<p> </p>
<p>STEP FIVE</p>
<p>Text for five</p>
<p> </p>
<p>STEP SIX</p>
<p>Text for six </p>