I rarely flush, simply because I'm pretty religious about my maintenance intervals. I had a Caddy 390 that went 560k without a flush (that I know of) and had zero sludge under the valve covers when I did gaskets. When I DO flush, I use a quart of diesel.
If you were to do back to back tests... as in, if you had two identically dirty sludgy engines. Run one with an ATF flush, and one with, let's say a straight 0w20 engine oil flush, the 0W20 would dislodge the same or more sludge than the ATF. The ATF may get some sludge out, but not because it has more detergent. The difference is where the sludge ends up. With ATF, it ends up in the filter where you can see it. With engine oil, it stays suspended in the oil and comes out the drain hole.
Panther, you are correct about detergents and suspension. It's not like soap, it has to do with keeping contaminants in suspension, which only lends credence to what I was saying. ATF doesn't need nearly as many detergents as engine oil. A transmission offers the potential for tiny amounts of condensation, scrubbed-off particulates (paper) from the clutches, and metal shavings. Those things shouldn't be in suspension. You want them to fall into the pan. The filter on an automatic transmission isn't much of a filter, more of a screen that is there to protect the pump and prevent clogs in the nooks and crannies of the hydraulic circuits.
I would contend that the filter junk in Pete's pictures could simply be that the ATF couldn't hold the solids in suspension and it's just bigger, more visible chunks, but given HOW oils and detergents carry the junk doesn't necessarily change the amount of sludge and deposits there are in an engine. I would bet that if you did the test with ATF and 20w I mentioned above and then found some way of measuring the amount of junk that came out via the oil vs the filter, you would see about the same mass of junk in both. It's just that the ATF leaves it in the filter and the oil hangs on to it.
My point was not necessarily to say that ATF offers zero benefit. Maybe it does clean a bit of junk out, but the only scientific reason it could do that is because of lower viscosity which can be accomplished with wiser choices... like some 20w engine oil. My point was that the whole myth was started because mechanics would open up a transmission at 50k and see this beautiful red fluid and assume it was because ATF is this amazing cleaning fluid... so they put it in an engine and the filter came out yucky, so it must have more detergents. The truth is, transmissions see small amounts of ground up/burnt paper. Engine oil sees hundreds of complex carbon, hydrogen, oxygen, and nitrogen compounds as a result of blow-by. So the myth that transmissions look cleaner inside than engines because ATF is wonderful at cleaning things is a myth.
I'm simply saying that ATF may do something but not much, and it's not the best solvent for the job.