I meant they made it proprietary instead of buying a traditional enclosure SSD from Kingston, OWC, etc. I even said earlier that Apple bought flash memory chips individually. So yea, let's not kid ourselves here.
You said that after I began typing my response. My statement still stands: the flash drive is likely not competitive with high end SSDs such as those from OWC or OCZ.
From barefeats:
The 128GB flash storage measured 209MB/s READ and 193MB/s WRITE for large sequential transfers. That's slower than the best SSDs we've tested like the OCZ Vertex 2 and OWC Mercury Extreme (272MB/s), but twice as fast as any notebook 7200rpm HDD (100MB/s). Ditto for small random transfers -- at 90MB/s, it was faster than HDDs but slower than SSDs. Overall, respectable performance and a good move by Apple to provide flash memory as standard equipment.
So yeah, it's a regular old SSD. It's pretty damn good for the price point, but it's in no way superior to what's currently on the market.