I've learned a few things from the experience. The really nice thing about using iframes is the ability to add Google Analytics code into the frame, so that I can track exactly who is embedding the code, and how often it is getting called. Tracking down who has embedded object tags takes a little more effort and involves tools that look into the server logs.
The down side to using the iframe is that Google does seem to take quite a while to get them into their index (and maybe some will never make it in). But it does seem to get to many of them eventually. I'm not exactly sure what's better. I guess if you are looking to acquire inbound links quickly the better strategy would be to use the object tags. In the long run iframes may be a better choice. For my next embeded object site, an embed calculator website, I'm going back to the object tags.