"It" being Flash MX 2004;

I can write database applications with it (from stand-alone grocery list to
3-tier client server apps that connect to monster Informix or Oracle databses).

I can do web design with it, INCLUDING server side scripting.

I can make animated cartoons and music videos with it.

I can write video games in it.

*blinks* Am I missing something? Is there some catch that I'm not seeing? Am I
oversimplifying things?

Cuz if it really does all that, I am SO sold. Who needs Visual Basic,
Frontpage, Premiere, and umpteen different scripting languages that run on a
few different web servers on two different operating systems.

Well, almost. :)

Flash doesn't do any of the server side stuff .. you have to do that
separately and then it will talk to the server.

It also doesn't have any built in database facilities.. you need other
programs for that

Its not really appropriate for commercial quality video games .. its can
really only handle more basic things. Mostly because its support for 3D is
fairly poor.

BUT ... You can do animated cartoons and probably music videos.

NOTE: There are other alternatives like SWiSHmax and KoolMoves and 3D Flash
animator that are worth considering .. for example if you want to do
cartooning, some of these other tools have support for 'bones' animation ..
so you can directly animate the hand of a figure (say) and the program takes
care of all the attached arms etc and moves them appropriately.