ActionScript Project in Flex 2(Zorn) provides direct access to the AS3 compiler built into Zorn. Using only a Class file, you can compile a SWF directly. The SWF contains just only what you import and can be devoid of the Flex Framework. ASProject's are perfect for advanced ActionScript development like games, components, or larger applications.
I begged and begged for this feature and Macromedia heard me loud and clear. Thanks Macromedia and the Flex Team for listening! The ASProject integration into Zorn is top notch, spot on perfect!

Photo of me begging Macromedia in SF! :)
ASProject is as close as we have ever come to raw access to the MM AS compiler. Integrated into Zorn, it provides a simple and effective IDE for building professional projects for the Flash Platform. If you have yet to learn Flex, starting your AS3 learning curve using ASProject is perfect choice.
Gary Grossman and Edwin Smith and the rest of the AS3 compiler and player teams need to be applauded for their work. The AS3 compiler is so ripping fast and the player is rock solid. All of my ASProjects compile in less than a second even some with 50+ classes. I am really impressed with the work Macromedia has done with Flex2 in ASProject, the AS3 compiler, and the 8.5 Flash Player.
I have several components, applications, and games that I built with ASProject and they are all headed into IFBIN Flex By Example as you might imagine. The apps range from my learning applications with AS3 to the tile engine I will be posting later this week. I never thought I would see a 36,000px by 36,000px tile based game in Flash, let alone author it.
Check out ASProject when you get a chance. It makes the Flash Platform about 1000 times more professional. Direct access to the Flash AS3 compiler is exactly what we needed to make the next generation of applications and games.
Also if you have any feature suggestions for ASProject, please feel free to leave a comment. I will make sure they get to the right people at MM.
Cheers,
Ted ;)
DIGG IT! 
Hey Ted
I want to personally thank you for bringing up this suggestion to include an ASProject mode in Flex Builder. I've been playing around with it the last few days and I must say: IT's F%&ç%&ING AMAZING! EFFICIENT, FAST, PRODUCTIVE!
Thank you & Macromedia
Best wishes
Daniel