Brent, here is a link that talks about it a bit more. Here's the pertinent snippet:

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http://lowcarbdiets.about.com/od/whattoeat/a/flaxinfo.htm

Flax seed is Rich in Omega-3 Fatty Acids: Omega-3 fatty acids are a key force against inflammation in our bodies. Mounting evidence shows that inflammation plays a part in many chronic diseases including heart disease, arthritis, asthma, diabetes, and even some cancers. This inflammation is enhanced by having too little Omega-3 intake (such as in fish, flax, and walnuts), especially in relation to Omega-6 fatty acid intake (in such oils as soy and corn oil). In the quest to equalize the ratio of these two kinds of oils, flax seed can be a real help.

Most of the oil in flax seeds is alpha linolenic acid (ALA). ALA is an Omega-3 which is a precursor to the fatty acids found in salmon and other fatty cold-water fish (called EPA and DHA). Because not everyone is able to easily convert ALA into EPA and (especially) DHA, it is best not to rely solely on flax for your Omega-3 intake, but ALA also has good effects of its own, and definitely helps in the Omega 3/6 balance.
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So it sounds like it depends on each person's ability to break it down from ALA into omega-3. Interesting stuff about the balance between omega-3 and omega-6 and inflammation. I'd not heard that before. I'll have to look into both of these things more and see what I find. I hope this helps!

~medmommy