http://savagelook.com/blog/away3d/away3d-morphing-with-heightmapmodifier
OK, I promise this will be the last demo with mesh morphing! I just wanted to act on Fabrice's suggestion (found here: http://groups.google.com/group/away3d-dev/browse_thread/thread/c1dd3342fabf1de1?hl=en) to use the HeightMapModifier instead of SkinExtrude for my dynamic height map morphing demos. And of course, he was right. Thanks for pointing me in the right direction. The code (included) is a good bit simpler and works not only on planar objects but any mesh. The demo uses a plain sphere so it is easy to see how the original shape is affected by the HeightMapModifier, but you could theoretically use any mesh you want. It also runs faster than my previous demos. Also, just for fun, I threw in an EnviroBitmapMaterial on the mesh, so if you wanted an example of to create a shiny, reflective material, check it out.
