I would suggest using a class such as TweenLite ( http://blog.greensock.com/tweenliteas3/ ) which is lightweight at about 3kb or if you need more power you can use TweenMax, which i believe is 11kb. There are many advantages here. First off, this "engine" has been thoroughly tested and benchmarked and is well known as one of the most resource friendly ways to animate few or even many things. I have seen a benchmark, where in AS3, 1,500 sprites are being animated with TweenLite and it holds a strong 20 fps, as where competitors like Tweener would bog down to 9 fps http://blog.greensock.com/tweening-speed-test/. The next advantage is the ease of use as I will demonstrate below.
//Make sure you have a class path pointed at a folder that contains the following.
import gs.TweenLite;
import gs.easing.*;
var ball_mc:MovieClip = new MovieClip();
var g:Graphics = ball_mc.graphics;
g.beginFill(0xFF0000,1);
g.drawCircle(0,0,10);
g.endFill();
//Now we animate ball_mc
//Example: TweenLite.to(displayObjectName, totalTweeningTime, {someProperty:someValue,anotherProperty:anotherValue,onComplete:aFunctionCalledWhenComplete});
TweenLite.to(ball_mc, 1,{x:400,alpha:0.5});
So this takes ball_mc and moves it to 400 from its current position on the x axis and during that same Tween it reduces or increases the alpha from its current value to 0.5.
After importing the needed class, it is really only 1 line of code to animate each object, which is really nice. We can a also affect the ease, which I believe by default is Expo.easeOut(Strong easeOut). If you wanted it to bounce or be elastic such effects are available just by adding a property to the object as follows.
TweenLite.to(ball_mc, 1,{x:400,alpha:0.5,ease:Bounce.easeOut});
TweenLite.to(ball_mc, 1,{x:400,alpha:0.5,ease:Elastic.easeOut});
The easing all comes from the gs.easing.* import which I believe is Penner's Easing Equations utilized through TweenLite.
In the end we have no polling (Open loops) to manage such as Timer and we have very readable code that can be amended or removed with ease.
It is also important to note that TweenLite and TweenMax offer far more than I have displayed here and it is safe to say that I use one of the two classes in every single project. The animations are custom, they have functionality attached to them (onComplete: functionCall), and again, they are optimal and resource friendly.
<3AS3