Complex morphing effect

Hi everyone,
I´m new here (this is my 2nd post), but I´ve read you guys for quite a long time.
Well, the thing is I´m really impressed with the morphing effect done in this site:
I´ve tried to do things like that, but I can´t figure out how to do the original morphing in other program that Flash to get it frame-by-frame to my movie.

Know of any tutorial or similar effect that can be created like that?
Do you think that is completly done frame-by-frame?