I am a bit late in blogging about this as the news is all over the blogospher by now but its Monday morning and I just found this out.
Adobe have released Flex 3.0 and AIR 1.0 . This was a much awaited news as far as I know. The good thing is that they have setup a Adobe Open Source Flex SDK wiki which looks good as well.
And because the SDK is open source, the code can be downloaded via SVN from here.
http://opensource.adobe.com/svn/opensource/flex/sdk
Thanks to Adobe for all this and I am very excited about working with Flex/AIR and building RIA apps that look and work great at the same time.