IE9 Flash not rendering when wmode is set to opaque or transparent

I have a Windows 7 64-bit installation, with IE9 and the latest version of Flash ( installed.  I was not able to view most flash in webpages, even the "about flash" page on Adobe's site.

There is a long thread with various workarounds and solutions (which all were promised to be unnecessary once was released), but it was not until the 3rd page that I found a hint which allowed me to fix the issue.

My solution:
  1. Go to IE9 > Tools > Internet Options > Advanced.
  2. Check the "Do not save encrypted pages to disk" option
  3. Restart IE9
  4. View and shake head at Adobe and Microsoft

This seems like the more secure option, so not sure why it wasn't set...hopefully this doesn't break something else in IE! I did not do further research on this specific option or why it was at all related to Flash rendering (and only flash that had wmode=opaque or wmode=transparent).  Sigh.