You should check out the newest AIR release (3.3) - with Stage3D you get great gpu driven performance. You don't really need to do anything new to get it if you use wrapper frameworks like Starling (http://gamua.com/starling/)
Yes i know about the new version of AIR, Stage3d And Starling. But it's all moot. This horse was shot in the face long ago when adobe decided to give flex up for adaptation of the Apache Foundation.Adobe is moving away from AIR, it clearly said so in it's own blog post, they are betting on HTML5.I don't see a reason why i would we writing something in a technology which even in the view of it's creator would be going obsolete in some time.