Not sure if it's exactly the same thing, certainly the same symptoms,  but 
there's a known issue if you're using modules as part of your project:

https://bugs.adobe.com/jira/browse/FB-12298


--- In flexcoders@yahoogroups.com, "okie_174" <rj...@...> wrote:
>
> Yesterday I found that Flex Builder (v3) was no longer reporting compiler 
> errors when compiling. It is reporting warnings but no errors. I purposely 
> introduced errors and it will build the project and then present a blank 
> screen. I have looked to see if there's some sort of setting I made by 
> mistake to make this happen but can't find anything. I re-installed Felx 
> Builder but it didn't help.
> 
> Anyone know why Flex Builder would suddenly stop reporting compiler errors?
>


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