I agree that flash is a growth sector.  However, I think that the way flash is made tends to lead to boom/bust cycles and boom/bust pricing.  SNDK and others tend to get in cycles where they make too much of it and they have to wait for inventory levels to normalize (and you can imagine pricing is terrible for them during these times).  So, even though the overall flash memory market grows, the economics of it are very irregular. 

I once messed around with SNDK, but these cycles drove me crazy so I left it and never looked back.