The following is valid html, and does not depend on javascript to hide an invalid embed tag. The conditional comments hide the alternative content from IE, since IE does not support alternative content within the object element. As an aside, notice that a p element is validly nested within a p grandparent. 
Code:
<p><object type="application/x-shockwave-flash"
classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000"
width="724"
height="237"
id="household">
<param name="movie"
value="http://cmg.pelli.co.uk/images/interface/_flash/household.swf" />
<!--[if !ie]>-->
<object type="application/x-shockwave-flash"
data="http://cmg.pelli.co.uk/images/interface/_flash/household.swf"
width="724"
height="237"
id="household">
<p>Oops!</p>
</object>
<!--<![endif]-->
</object></p>
cheers,
gary
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