I just encountered the issue again, and went through the process of deleting all the build stuff manually, caches, etc., and nothing helped. So this time I tried flushing the browser cache (actually, disabling it with Firefox extension Web Developer). That worked, it was a browser cache issue.
Anyone have any ideas why once in a blue moon the browser would serve up a cached version of my SWF (served from my localhost, MAMP on OSX) while debugging? I was under the impression that the browser wouldn't cache documents that have queryvars (hence one reason for the inclusion of "?debug=true" when debugging a Flash app). Is there something else I need to be doing (possibly MAMP configuration?) to ensure that the browser always sees the latest SWF (without having to always disable the cache... I am loading a lot of static assets and its nice to take advantage of the cache for those)? Thanks, Troy.