The ShineDraw site provides many identical samples written in both Flash (using ActionScript 3.0) and Silverlight (mainly using C# and Visual Studio). If you are Flash Developer, you can definitely become a Silverlight master by knowing how to achieve the same effect in bopth of these technologies. A full set of source code is provided and they are all license Free!
My take away was that yes, Silverlight can basically do whatever Flash does. The fact that it is based within Visual Studio and accessible from any Studio language is also a nice plus for MS Based developers not interested in learning AS3 or Flex. The downside is that it’s an M$ based product.