Rozengain or Dennis Ippel of AKQA updated probably one of the tools I use the most for flash 3d and that is the blender to as3 exporter. This simplifies loading in the meshes you have and lessens the bulk of the COLLADA format. COLLADA is great but flash is still client side and fairly memory intensive for 3d so loading in models directly to as3 is nice if flash is your presentation tool.
AS3 Blender exporter has been updated to allow multiple object export. Also in April is was updated to export quads and modifiers.
One concern you might have is statically binding the code within a main swf fileon compile and resulting file size compared to loading in the DAE dynamically. But you can just load these in as you would external DAE COLLADA files as compiled swfs and since it is just code it is very compact. This adds some duplication of code (such as tweening libraries or the 3d engine source as needed) but allows a more horizontal loading or lazy loading of meshes when needed.
This is just another option to get 3D models into the flash 3d engine of your choice in addition to COLLADA, some MD2 support and limited ASE support.
This is an awesome project that keeps getting better, thanks Rozengain.