I hate client-side scripting in general: both Flash and EMCAscript. It takes control of the computer away from the user. There may be some benefit in doing client-side sanity checks or tabulation, but the server must ulimately do those checks anyway since the client is untrusted.
For distributed computing, scripting with an interpreted language is just about the most inefficient way to go about it. Browsers are not Operating systems. There is no way to make a script run at low priority when the CPU is idle. Even if you could do that, you don't know if your use of the client computer is CPU bound. If they are low on memory, your computing client may cause the browser to constantly page out to disk or even crash if swap files are disabled.
I actually don't mind the JavaApplet concept: they actually ask the use permission to do stuff like use the network or disk. The "powers that be" have decided it is a bad idea to confuse users with choice about how they use their computer.