Sony Ericsson Developer World released new version of Themes Creator. What is special about this new version is that it supports bundling Flash Lite SWF files for standby screen content (screensaver/wallpaper) into the actual theme file. Previously it was not possible to bundle SWF inside a Sony Ericsson theme file.
Note that only devices supporting themes vs. 4.7 can use SWF bundled in the theme file. This includes SE C702, C902, W760, W980 (all Flash Lite 2.0 devices). For other devices you must distribute the SWF content seperately from the theme.