The symptom you're seeing (slow-motion Dashboard) is actually a hidden feature. For many of the OS X animation effects, holding down the Shift key shows the animation in super slow motion. Try Shift-clicking the minimise window button, or a Shift-clicking a minimised window in the Dock. The same is true for Exposé and others
The trigger, however is a bug. For some reason, turning off the F12 mapping in System Preferences works for plain F12, but Shift-F12 still goes through to whatever is mapped to F12. You can try changing the F12 designation (though turned off) to some other key, but I found that even this doesn't stop Shift-F12 going through to slow-mo Dashboard.
Apple needs to fix this.
BTW, as a workaround, you can probably change the keyboard mapping in Flash to not use F12, but another key instead by going to Flash > Keyboard Shortcuts...
The trigger, however is a bug. For some reason, turning off the F12 mapping in System Preferences works for plain F12, but Shift-F12 still goes through to whatever is mapped to F12. You can try changing the F12 designation (though turned off) to some other key, but I found that even this doesn't stop Shift-F12 going through to slow-mo Dashboard.
Apple needs to fix this.
BTW, as a workaround, you can probably change the keyboard mapping in Flash to not use F12, but another key instead by going to Flash > Keyboard Shortcuts...