Here is an interesting article by Kraig Mentor on using SCORM with Director, SCORM SCO Presentation Engine. I like how this technique can greatly reduce the HTML page clutter that can build-up in manifests that use simple OBJECT tags. I like how much of the content can be externalized. It seems like a very similar technique could be used with Flash. I do have some hesitations about what this means for bookmarking, obscuring the programming for experts, and securing the content (DRM or otherwise).
I recall a cross-product/platform strategy like this from Wicat that was referred to as "Nemesis". The idea was that a database (or in the S2PE case, XML) contains the guts of a the elearning presentation. Then an "engine" reads that data and renders the elearning.
In the Wicat case, this provided flexibility to deliver training in a customer's preferred format-- they could write an engine in Authorware, IconAuthor, ToolBook, or virtually anything that coul "play" the presentation database.
The challenge with a presentation engine approach is that you lose many of the benefits of the host system or language-- Director Lingo or ActionScript idioms and optimizations are often lost in the database representation, and an individual developer's proficiency becomes less valuable. Conversely, that de-valuing of AS or Lingo expertise, can make it much easier to do automation, mass production, or farm things out to non-experts. Ironically, it can also make things much harder for a host system expert who comes in to a project later; their hands are tied to the data structures in what seems like unexpected ways.