We've done this little Flash zoetrope for a Topshop Christmas campaign site.
It's really quite interesting the way we got the whole thing to work. As you know, a zoetrope works by getting it to spin at the right speed for a strob light to hit each 'frame' at the exact same place. This makes it look like it's animated (same idea as a film projector). We achieved the same effect in Flash by having the movie skip a certain number of frames as it speeds up. I don't know if that makes any sense really it's hard to explain. Go and have a look at the final thing here: Topshop Christmas Fairy tale.
Nice work on the movie by Jason and illustrations and flash work by Nicky, Vasco and Caroline.