I wanted an animation to dispatch custom events as it cycled. It became apparent that not even trace() was running. After some searching, I found the following at Adobe:
http://livedocs.adobe.com/flex/3/html/help.html?content=embed_4.html
"If the SWF file contains any ActionScript code, Flex prints a warning during compilation and then strips out the ActionScript from the embed symbol. This means that you can only embed the symbol itself."
I also found a work-around by Grant Skinner at:
http://gskinner.com/blog/archives/2007/03/using_flash_sym.html
So, I can proceed, but I'm still wondering. Why does mxmlc strip ActionScript from Flash compiled resources when embedding their symbols into Flex apps using metatags?