"wmode=direct" Behavior In Older Browsers And Flash Versions

Question

I want to apply wmode=direct to flash objects on my page.
What are the behaviour it will accomplish in older browsers (IE6,IE7,etc.)?
Or the older versions of Flash Player?
Does the parameter behave as default(window) or transparent?

Answer 1

The documentation doesn't explicitly say, but as per Flash OBJECT and EMBED tag attributes:

Explicit layering control is only supported with some modern browsers (see table below). In other browsers, the SWF content always appears above other HTML elements.

This sounds like opaque:

The SWF file is opaque and hides everything layered behind it on the page