I have just installed Flex Builder 3 beta and the new AIR runtime beta (that's a little redundant). To kick the tires so to speak, I updated my Apollo Video Player to the new and improved (not really) AIR Flash Video Player. I hope the name "AIR" will grow on me. Right now I'm not too sure about it. :)
Updating the code to jive with beta 1 went surprisingly well. The only code I had to change was one line that referred to "File.appStorageDirectory". The new method name is "applicationStorageDirectory". Piece of cake. Hope all of my other apps upgrade this easily.
Please let me know if you find any issues!
Download AIR Flash Video Player
Download Adobe Integrated Runtime