The past few days have seen the release of version 1.1 of Thomas Pfeiffer’s AS2 (and soon to be AS3) 3D library Sandy – check out the great kitty demo! — and of Andre Michelle’s AS3 CubicVR immersive panorama application (requires Flash 9 of course). (For a bit of technical background, check out Andre’s post AS3 Perspective Texturemapping.)
Wow, and wow! Both products are absolutely free (and Sandy is open-source as well), and they’re both asking for donations.
Send them each ten bucks now!

