I downloaded it and what I saw was the very empty beginnings of a game engine.
Edit: Also, the documentation persistently says "it's very simple to ---" and then dumps a code example on you without actually explaining the concept.
The Flex ~300k SWF baseline includes the Flex framework too. If you use the shared framework available in Flex 3 you can cut that out of the download size!
Edit: Also, the documentation persistently says "it's very simple to ---" and then dumps a code example on you without actually explaining the concept.