Adobe: Falcon JS = MXML and ActionScript to HTML and JavaScript Compiler
2012 will see Adobe contribute its experimental MXML and ActionScript to HTML and JavaScript compiler to the Apache Software Foundation. Similar in some respects to various incubation projects from Microsoft, Adobe appears to have given up any hope of cross-compiling to HTML/JavaScript in a successful manor:
(Adobe) remain unsure as to the viability of fully translating Flex-based content to HTML

Another multi year waste of time.
That is what the RIA world wants ! Flex to JS/HTML5 or Flex to GWT