why would you want to take the risk?
the point is the same as for flash: sure, Google can read the text in flash. but no, this will NOT help you to get a good ranking.
If you really want your content to be correctly indexed, it MUST be within html. Period.
This means:
- content generated by php or asp ON THE SERVER, and which translates as html ON THE CLIENT is fine
- content generated by javascript or Flash ON THE CLIENT is NOT fine
- content generated by jsp ON THE SEVER which tranlates as html on the client is fine
- content generated by java running on the client is NOT fine.