Above you'll see a sIFR element which needs to be activated. The element is created in an onload event, defined in an external script through eval(), which includes the full embed HTML.
This is unexpected behavior. It would seem eval() tricks IE into thinking the script was loaded in the document itself, instead of externally. Please see http://msdn.microsoft.com/workshop/author/dhtml/overview/activating_activex.asp#loading.