ByteArray has been developing the Raster class which has an impressive demo of a raster engine to draw rather than the Adobe Graphics library included with Flash and it is much faster albeit pixelated (the nature of raster).
Here’s his latest listing of what it supports:
V1.3 API :
Authors (contribution) :
Didier Brun (original class)
Drew Cummins (bezier curves)
Also check out a demo on the generalrelativity blog with some added beziers.