<?php if(count($this->getStores())>1): ?>
<div class="form-language">
    <!--span class="label"><?php echo $this->__('Your Language:') ?></span-->
    <ul class="language-flags">
        <li class="label"><?php echo $this->__('Your Language:') ?></li>
        <?php foreach ($this->getStores() as $_lang): ?>
        <?php $_selected = ($_lang->getId() == $this->getCurrentStoreId()) ? ' class="selected"' : '' ?>
        <li><a href="<?php echo $_lang->getCurrentUrl(false) ?>" title="<?php echo $this->htmlEscape($_lang->getName()) ?>">
            <img src="<?php echo $this->getSkinUrl() ?>images/flags/flag_<?php echo $this->htmlEscape($_lang->getCode()) ?>.png" alt="<?php echo $this->htmlEscape($_lang->getName()) ?>"<?php echo $_selected; ?> />
        </a></li>
        <?php endforeach; ?>
    </ul>
</div>
<?php endif; ?>

- Mage 1.7* flag storeswitcher
- images/flags/flag_[storeview_name].png

Magento storeswitch - flags

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