Flash Player 10 is in beta – going by the name “Astro”. New features of the player include 3D Effects which allow you to use APIs to animate objects through 3d space, lightweight runtime Custom Filters & Effects (which use the same technology as some After Effects CS3 filters), a new advenced Text Layout system which co-exists with TextField, an enhanced Drawing API with 3D APIs, shape drawing systems and re-stylable properties. Visual processing is also shifted more to the video card, which should allow smoother video.
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