Adobe
just made the hardware accelerated Flash API publically available as beta, its code name is 'Molehill'. The 3D editor
CopperCube has been released in version 2.5 at the same time, and it supports this already. I also created a small demo using Molehill:

You can
view the demo here. There is also a
youtube video of it. All in all, it opens great possibilities. Real, fast 3D running in flash applications. Nice :)