I keep the .app, the .swf, and the sub_loc folder at the same level, inside a SNEE folder which sits inside Applications.
And the only thing that worked for me was to drag and drop the .swf file in Chrome. (Opera and Firefox didn't work, got "file not found" or a blank screen.)
PS: Oh, and I also removed the old files from Applications. (I kept a backup, just in case, but not anywhere inside Applications.)