The standalone installer for Flash Player 10.3.181.34 for Internet Explorer is not working properly.
On my Windows XP computer, flashplayer10_3r181_34_winax.exe is installs a new plugin version of the player instead of upgrading the existing ActiveX vesrion of the player.
In Control Panel -> Add Remove Programs, I now see both the old ActiveX version of Flash Player and a new plugin version. IE continues to use the old ActiveX version of the player:
flashplayer10_3r181_34_winax.exe (3,124,384 bytes) came from
through a link on http://kb2.adobe.com/cps/142/tn_14266.html.
Since then, I ran uninstall_flash_player.exe on the Windows XP computer and then re-installed the ActiveX Flash Player using http://get.adobe.com/flashplayer/. That worked and IE now shows Flash Player version 10.3.181.34. I suspect the files now under C:\Windows\system32\Macromed\Flash are not going to be very useful.