In early September, Adobe donated the source code for the next generation ActionScript compiler code-named "Falcon" to the Apache Flex project.
Next to the ActionScript to SWF bytecode compiler, Adobe developed a prototype of an ActionScript to JavaScript cross-compiler called FalconJS.
In December 2011, Adobe held an Open Discussion on Falcon and FalconJS, and it sounded like the FalconJS will be donated to Apache Flex as well, with a target date of Q4/2012.
Will there be future version of Apache Flex integrating the FalconJS component, enabling the cross-compilation of existing MXML applications to JavaScript/HTML5?
The demos shown at the Adobe event in December 2011 look very simple, and it seems that not all features of Flash can be reproduced in JavaScript/HTML5.