Could you tell me what are the main scenarios that Silverlight 4 allows and Flash does not?
Maybe not the exact answer - I don't know Flash, and have only a short view of Silverlight - but I once read it coined like this:
Flash has been created for Designers to implement funny stuff and games, while Silverlight has it's roots in more process orientated development and got the graphics, video, etc on top.
Whether one of both is the way to go for a specific projects surely depends on the project. For me as a mostly Microsoft focused developer Silverlight is attractive, but again, that's based on little knowledge. Just thought I share what I read a while ago (in a German paper WEAVE, a paper done for and by designers/digital artists).
I'm also no expert but from what I understand, Sascha is pretty much on the mark. There are two things I'd mention: 1. Silverlight can run out of browser without an additional install, Flash/Flex needs to install the AIR runtime. 2. Silverlight is the platform for Windows Phone 7 Series, which may or may not be an issue.
I think the biggest differentiators right now are tooling and browser penetration. On a feature-by-feature basis, I don't know of any large gaps. (Although for a lot of features, like DRM, they offer solutions with very different external requirements - so even though both runtimes "support DRM", Adobe's and Microsoft's DRM solutions have different features that might then be a differentiator.)
Anyway for all major uses I'm familiar with, the choice between Flash and Silverlight is dominated by which development IDE and programming language you prefer, and by how willing you are for some users to see a "Please install runtime" page.