In the latest nightly build of the Flex SDK is the as3 compiler code!

The ActionScript 3 compiler, asc, is now open-source! Added the source
code for Flex 3's asc.jar, at branches/3.0.x/modules/asc. This code
came from ssh://asteam.macromedia.com/hg/asc-flex3 and is what built
the asc.jar that shipped with SDK 3.0.0.477, plus open-source
copyright changes. It requires Java 1.5 to build and is not integrated
with the build scripts for branched/3.0.x; this branch continues to
have a prebuilt asc.jar in 'lib'.

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