That said, you don't really need hardware acceleration to get most things done in flash. There are plenty of serviceable dynamically-lit and textured flash 3D engines which run quite fast despite running on the CPU.
Don't forget that the majority of flash's graphical bottleneck comes from the vector calculations and antialiasing. The second you move away from the display list/drawing API and start using bitmaps, you're going to get an enormous speed boost.
It also supports strict-typed fixed length arrays (called Vectors), as opposed to the linked-list-esque things that it used to rely on.
(freespace2pilot was 'ere)