How flash loads info while downloading

A person had made a presentation using another program besides flash and exported it as an SWF, the file size is 57.2 MB, I told them this is gonna chug on the web, since there’s no preloaders ect and Image heavy. My question is if there is no loader will flash wait till everything is loaded and stay blank or while information is loading, play whats loaded and stop to the point that its still loading? I’ve only seen this locally and did experience some delay but not as bad as I would think.

Cheers