At Adobe Max 2010, Adobe releases new set of APIs code named "Molehill," which's a set of shadow-based 3D GPU-accelerated APIs which expose features like cube textures, Z-buffering, fragment and vertex shaders and all that cool stuff. Developers will be able to create high-end 3D rendering in Flash runtime, Flash Player or AIR. We also provide as part of the same API a CPU foldback for when the hardware is incompatible, which's very exciting.
Currently, Flash renders thousands of non Z-buffered triangles at around 30Hz but with new APIs Flash will be able to render hundreds of thousands of Z-buffered triangles at full screen HD resolution with a refresh rate of 60Hz.
Adobe showed a video of a game called Max racer:
Also, Frima Studios announced that Adobe selected them as a pre-release partner for the Molehill platform. Here's a video of Molehill in action for their upcoming game Zombie Tycoon: