I spoke to an Adobe sales guy last week who knew nothing of this.

Is it premature to think Flash 11 will feature 3D?

http://www.downloadsquad.com/2010/07/09/adobe-flash-11-will-feature-a-proper-3d-rendering-engine-and-api/

The next version of Flash, amidst growing competition from emerging 3D-in-the-browser technologies WebGL and O3D, will feature support for 3D graphics.

But don’t get too excited just yet — we’ll probably have to wait until October and the Adobe MAX 2010 conference before we find out more. There, on October 27th, a Flash player engineer will give a talk about “the next-generation 3D API coming in a future version of Flash Player.” How exciting is that?!

NB see also http://www.tcmagazine.com/tcm/news/software/29151/flash-player-plans-embrace-3d-more-info-coming-october