* Combo boxes that only expose the drop handle of hover. * Controls (video) that only appear when you move the pointer * Camera controls where the mouse motion is used to anchor view. * Animated buttons, flyouts etc.
As an example I did a google search for "flash examples" which led me to http://ziggystudio.com/v1/main.html
This app has an "AUDIO" link in the upper right that scrolls out on mouse over to expose the actual controls. This app simply will not work in a finger environment and would have to be re-written. I would argue virtually 100% of the flash applications written will have broken functionality in a click+drag only environment.
Most of these apps will "work" but in a massively degraded state. Many of them will simply be incapable of being used.
You cannot gracefully degrade to a click/drag system from a hover/click/drag system. They are too different. Flash was developed to maximize the mouse paradigm. It will never work well with a finger interface.