Ok, so what I'm watching now is so cool I stole the computer from the friend next to me. Code named "Thermo", it is a designer tool to help them builder RIAs. This is simply amazing. He imported a PSD which got converted to Flex code. He was then able to select a 'fake' text input and easily turn it into a real Flex text input. Now he is showing converting static data from the original PSD (a row of CD covers), and he is using the editor to convert this to a 'real' data list. He can then apply roll over effects - apply some text data - etc. This is completely amazing stuff here. As a developer this is aesome. It means your designer can hand you a partially complete Flex application instead of just a Flex app.
Now he is converting a fake scroll bar into a real scroll bar. He edits the properties which shows up as layers (apparently good for designers). He selected what piece is the actual scroll thing (what you grab) and what is the gutter. Now he is going to associate the scroll bar with the fake data he created earlier. He just clicks and gets a 'wiring' handler. He drags the handle to the CDs and BAM - thats it. He takes his 6 fake items and told it to add 15 - this way he can really scroll. Now he has 21 items in his fake data. Exporting now to Flex... and it works perfectly.
Amazing - truly amazing product here. It is really going to make our (developers) lifes much easier.
Thermo and Flex Builder share the same project structure which means your dev and designer can share the same source.